Bitcoin Plummets As Long Term Holders Sell
Bitcoin plummeted to $112,174 on Sunday, with analysts like Willy Woo attributing the decline to large-scale sell-offs by long-term Bitcoin holders. . Woo highlighted a $2 billion Bitcoin-to-Ether swap by a whale who held the asset for seven years, which triggered a 2.2% price drop in just 10 minutes. This follows another whale’s sale of 670 Bitcoin ($76 million) to take a long position in Ether four days prior.
Woo noted that absorbing each sold Bitcoin now requires over $110,000 in new capital, impacting price recovery. Bitcoin later rebounded slightly, while Ether saw a 4% dip before recovering.
Pavel Durov Criticizes French Government Over Ongoing Investigation
Telegram founder Pavel Durov voiced frustration with French authorities, stating that a year-long criminal investigation against him and Telegram has failed to uncover any evidence of wrongdoing.
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In a Sunday Telegram post, Durov called his four-day detention last year “legally and logically absurd,” arguing that holding a CEO accountable for users’ actions is unprecedented.
He criticized the French government for prolonging the probe despite lacking grounds, fueling global criticism that the case is politically driven and aimed at enforcing online censorship.
Xai Takes Legal Action Against Elon Musk’s xAI for Trademark Violation
The Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk’s xAI in California’s Northern District, alleging trademark infringement and unfair competition. Xai’s parent company, Ex Populus, claims xAI’s branding has caused significant market confusion, harming Xai’s reputation.
Ex Populus, which has used the XAI trademark since June 2023 for its blockchain gaming ecosystem and $XAI token, argues that xAI’s actions disrupt its operations. Xai’s platform supports video gaming and digital transactions with blockchain-powered infrastructure for game logic, AI decisions, rewards, and data management.
