Maxim Gorky’s Take on the Crypto Chaos: BTC, ETH, and the Rest

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In the vast sea of digital currencies, where fortunes rise and fall like the tides, a storm has been brewing. Bitcoin (BTC) and its fellow travelers in the altcoin realm found themselves caught in a tempest of selling pressure, a stark contrast to the sunny skies of Friday’s rally. 🌩️ BTC managed to cling to its perch above $115,000, but the winds of change were strong, and the flagship cryptocurrency was forced to dip to an intraday low of $110,635. Now, it limps along, down nearly 3%, trading around $111,699. 📉

But what of Ethereum (ETH)? Ah, the darling of the altcoin world, it soared to a new all-time high of $4,953, a beacon of hope in the darkening sky. Yet, even the mighty ETH could not escape the storm forever. It too was dragged down, losing momentum and falling to a low of $4,689 before finding its footing at $4,608. A 3% decline in the past 24 hours is a small price to pay for such a dramatic ascent, wouldn’t you say? 💼

And let us not forget the other players in this grand drama. Ripple (XRP) is down 2.98% at $2.94, while Solana (SOL) has slipped below the $200 mark, trading around $198, a 5% drop. Dogecoin (DOGE) is feeling the pinch as well, down 4.80%, and Cardano (ADA) is not faring much better, down over 3%, trading around $0.868. The entire crypto ecosystem is aflutter with the sound of falling prices. 🍂

Telegram Founder Pavel Durov Slams French Government

Pavel Durov, the visionary behind the messaging app Telegram, has once again found himself at odds with the authorities. This time, it’s the French government that has earned his ire. Durov, ever the defender of free speech and privacy, has criticized the French authorities for their “unprecedented” investigation, which he claims is struggling to find any wrongdoing on his part or Telegram’s. 🇫🇷

“A year later, the ‘criminal investigation’ against me is still struggling to find anything that I or Telegram did wrong. Our moderation practices align with industry standards, and Telegram has always responded to every legally binding request from France.”

Durov’s words carry the weight of a man who has seen the worst of humanity and still stands tall. He adds that the government’s actions have done irreparable damage to France’s reputation as a free country, and he must return to France every 14 days, with no end in sight. 🕰️

“One year after this strange arrest, I still have to return to France every 14 days, with no appeal date in sight.”

The crypto community, free speech activists, and human rights groups have rallied behind Durov, condemning the French government’s actions. 🤝

SBI, Chainlink Announce Partnership To Create Crypto Tools For Asia’s Legacy Financial Institutions

The Japanese financial giant SBI Group has joined forces with Chainlink to bring the wonders of the crypto world to Asia’s traditional financial institutions. This partnership, which initially focuses on the Japanese market, aims to create tools that enable cross-blockchain tokenized real-world assets (RWAs), including on-chain bonds, and utilize Chainlink’s technology to verify stablecoin reserves. 🏦

This is SBI Group’s fourth partnership in the crypto ecosystem, following collaborations with stablecoin issuer Circle, Ripple Labs, and Web3 infrastructure firm Startale. Chainlink co-founder Sergey Nazarov expressed his excitement about the partnership, stating:

“I am excited to see our great work move towards a state of production usage at a large scale.”

Chainlink also released a statement, emphasizing the strategic importance of the partnership:

“We’re excited to announce a strategic partnership between Chainlink and SBI Group, one of Japan’s largest financial conglomerates, with the USD equivalent of over $200 billion in total assets. SBI Group and Chainlink will focus on powering several innovative use cases centered around tokenized funds, tokenized real-world assets such as real estate and bonds, regulated stablecoins, and more.”

Ethereum Gaming Network Xai sues Musk’s xAI

The battle of the XAIs has begun! Ethereum-based gaming network Xai has taken Elon Musk’s artificial intelligence company xAI to court, accusing it of unfair competition and trademark infringement. The lawsuit, filed in the Northern District of California, claims that Musk’s company has caused market confusion and damaged Xai’s brand. 🚀

Ex Populus, the entity behind Xai, argues that it has used the XAI trademark in US commerce since 2023, through its blockchain gaming ecosystem and the $XAI token. The filing states:

“This is a classic case of trademark infringement that requires the Court’s intervention to remedy.”

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has started the week in the red, extending its losses for the third straight day. The flagship cryptocurrency is down over 2% during the ongoing session, struggling to stay above $111,000. The weekend crash, triggered by a large sell order of 24,000 BTC worth over $2.7 billion, sent shockwaves through the market, leading to $623 million in liquidations. 🌪️

Crypto trader Alex Kruger offered his take on the situation, noting that investors were rotating out of BTC into altcoins like ETH and SOL. He quipped:

“Thanks for playing. Here’s the liquidation on BTC that the market had been trying to get last week. Triggered by people rotating out of BTC into ETH and SOL. It should be much easier to go up once short-term momentum clears and price moves above 113.5-114. Below the starting point of Jackson Hole, the chart is cooked, but think going higher.”

Despite the substantial weekend decline, some analysts remain optimistic, arguing that the market is healthy and functional. One analyst noted:

“No paper BTC conspiracies are required. The price has stalled because several whales have hit their magic number and are unloading. This is healthy – their supply is finite and their selling is required for the full monetization of Bitcoin.”

If the selling pressure continues, BTC could dip below $110,000, but for now, it trades around $111,081. 📊

Ethereum (ETH) Price Analysis

Ethereum (ETH) reached a new all-time high of $4,957 on Sunday, only to face rejection and a 4% decline during the ongoing session, trading around $4,603. ETH’s recent surge has been fueled by regulatory tailwinds, growing interest in stablecoins, and the emergence of Ethereum treasury companies. 🚀

Ben Kurland, CEO at crypto research platform KYOR, summed up the sentiment:

“The buyers are finally bigger than the sellers. ETH ETFs are drawing steady inflows, and public companies are beginning to treat ETH as a treasury asset they can stake for yield – a stickier form of demand than retail speculation. Additionally, nearly a third of supply is locked in staking, scaling solutions are mature, and, with rate cuts back on the table, the cost of capital is falling. Those forces turned $4,000 from a resistance level into a foundation for re-pricing ETH’s next chapter.”

Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, which hinted at a cautious approach to policy changes, also boosted ETH’s momentum. ETH ETFs continue to attract inflows, managing over $12 billion in assets. 📈

Solana (SOL) Price Analysis

Solana (SOL) has been on a rollercoaster ride, struggling to stay above the $200 mark. After a sharp increase on Friday and a weekend high of $212, SOL is back in the red, down nearly 4%, trading around $197. The rejection around $210 suggests that sellers are back in control, and a drop to $190 is not out of the question. 📉

SOL’s journey over the past week has been marked by volatility, with significant drops and recoveries. Despite the challenges, the altcoin remains a key player in the crypto ecosystem. 🌠

Ripple (XRP) Price Analysis

Ripple (XRP) is struggling to regain momentum, facing volatility and a 2.66% decline during the ongoing session, trading around $2.94. The altcoin has been caught in a tug-of-war between buyers and sellers, making it a challenging investment. 🎢

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has seen its fair share of ups and downs, trading in positive territory over the previous weekend before succumbing to the broader market trend. Down nearly 6%, DOGE is trading around $0.219, a reminder that even the most beloved meme coin is not immune to market forces. 🐶

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2025-08-25 17:54