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Today in crypto, Bitcoin decreased to $112,174, with some analysts attributing it to a $2 billion Bitcoin whale divestiture. Telegram founder Pavel Durov shared an update on the legal situation, criticizing the French authorities, while Ethereum gaming network Xai asserts Elon Musk’s AI company xAI has instigated market turmoil and damage to its reputation.
Bitcoin drops to $112K as community cites Bitcoin whale liquidations
Bitcoin experienced a significant drop to $112,174 on Sunday, and Bitcoin enthusiasts like Willy Woo are attributing the decline and slower market movements to the oldest Bitcoin whales liquidating after maintaining the asset for years.
“This variance in cost basis, the supply they retain, and their selling pace has significant repercussions on how much new investment is required to elevate the price,” the Bitcoiner observed, indicating it now necessitates over $110,000 of fresh capital to absorb each Bitcoin.
His remarks came after a seven-year Bitcoin whale exchanged nearly $2 billion worth of Bitcoin into Ether over the past week, resulting in a 2.2% decline in Bitcoin’s value during a brief 10-minute span on Sunday.
Bitcoin dropped as low as $112,174 before recovering, while Ether fell 4% before undergoing a similar rebound.
This follows closely behind another crypto whale’s recent action of selling 670 Bitcoin valued at $76 million to initiate a long position in ETH.
Telegram’s Pavel Durov offers an update, criticizes the French government
Telegram’s Pavel Durov stated that the ongoing probe by French law enforcement has produced no proof of misconduct from Telegram or himself, yet persists.
Durov criticized the French government, stating that despite the absence of any credible basis for the investigation, authorities continue to prolong it. In a Telegram post made on Sunday, Durov wrote:
“One year ago, the French police apprehended me for four days because individuals I’d never met used Telegram to organize crimes. Arresting a CEO of a significant platform due to the actions of its users was not only unprecedented — it was legally and logically irrational.”
A year later, the ‘criminal investigation’ against me is still struggling to uncover anything that I or Telegram did wrong,” he continued.
The case against Durov has garnered international attention and widespread condemnation regarding his arrest, which has been labeled politically motivated and an attempt to enforce online censorship.
Ethereum gaming network Xai sues Musk’s xAI for trademark violations
Ethereum-oriented gaming network Xai has initiated legal action against Elon Musk’s artificial intelligence company xAI, alleging trademark infringement and unfair competition.
The lawsuit, submitted in the Northern District of California on Thursday, claims that Musk’s xAI has caused considerable market confusion, harming Xai’s brand.
Ex Populus, the Delaware corporation behind Xai, stated it has utilized the XAI trademark in US commerce since June 2023, which includes its blockchain gaming ecosystem and the $XAI token. “This represents a textbook case of trademark infringement that necessitates the Court’s intervention for resolution,” the complaint noted.
Ex Populus oversees the Xai ecosystem, which features a blockchain-driven network aimed at video gaming and digital transactions, providing infrastructure to support game logic, AI-powered decisions, rewards, and data management across numerous applications, as stated in the filing.
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