Today in crypto, Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly planning to raise $1 billion to purchase Solana (SOL) tokens. Bitcoin fell to $112,174, with some commentators linking it to a $2 billion Bitcoin whale sell-o…
Today in crypto, Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly planning to raise $1 billion to purchase Solana (SOL) tokens. Bitcoin fell to $112,174, with some commentators linking it to a $2 billion Bitcoin whale sell-off. Also, Telegram founder Pavel Durov provides an update on the court case and criticizes the French government.
Galaxy Digital, Multicoin, Jump Crypto plan $1B Solana fund: Report
Digital asset companies Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise $1 billion to buy Solana.
A Bloomberg report citing anonymous sources said on Monday that the three companies are looking to form the largest treasury dedicated to Solana (SOL). It added that the three companies have tapped Cantor Fitzgerald as lead banker.
The plan reportedly involves taking over a publicly traded entity to create a digital asset treasury company focused on SOL. Bloomberg said that the Solana Foundation has endorsed the efforts of the three companies, backing the treasury move.
SOL remains the sixth-largest token by market capitalization, according to CoinGecko. It currently trades at almost $200, up 6.6% in the last 30 days.
Bitcoin falls to $112K as community points to Bitcoin whale sales
Bitcoin saw a sharp fall to $112,174 on Sunday, and Bitcoiners like Willy Woo are blaming the drop and slower price action on Bitcoin’s oldest whales cashing out after holding the asset for years.
“This differential in cost basis, the supply they hold and their rate of selling has profound impacts on how much new capital that needs to come in to lift price,” the Bitcoiner said, noting it now takes over $110,000 of new capital to absorb every Bitcoin.
Source: Willy Woo
His comments were made after a seven-year Bitcoin whale rotated almost $2 billion worth of Bitcoin into Ether over the last week, triggering a 2.2% fall in Bitcoin’s price in a short 10-minute window on Sunday.
Bitcoin fell as low as $112,174 before rebounding, while Ether dropped 4% before making a similar recovery.
It also comes four days after another crypto whale made a similar move, selling 670 Bitcoin worth $76 million to open a long ETH position.
Telegram founder Pavel Durov provides an update, criticizes the French government
Telegram founder Pavel Durov said that the ongoing investigation by French law enforcement authorities has yielded no evidence of wrongdoing on behalf of Telegram or himself, yet continues.
Durov was critical of the French government, saying that despite the lack of any basis for the investigation, the authorities continue to drag it on. In a Telegram post on Sunday, Durov wrote:
“One year ago, the French police detained me for four days because some people I’d never heard of used Telegram to coordinate crimes. Arresting a CEO of a major platform over the actions of its users was not only unprecedented — it was legally and logically absurd.
A year later, the ‘criminal investigation’ against me is still struggling to find anything that I or Telegram did wrong,” he continued.
The case against Durov has attracted international attention and widespread condemnation of his arrest, which has been characterized as politically motivated and an attempt to force online censorship.
