Here's what happened in the crypto world today
In todayâs cryptocurrency world, CryptoQuant founder Ki Young Ju said that Bitcoin whales are not in a position to offload their massive holdings from the market yet. Meanwhile, Telegram CEO Pavel Durov revealed that the messaging app has been handing over the IP addresses of âcriminalsâ to the authorities since 2018, and Bitcoinâs value has fallen by 3% amid escalating conflict in the Middle East.
Bitcoin Whales Won't Rock the Boat - For Now
CryptoQuant founder Ki Young Ju said that Bitcoin whales have not yet accumulated enough unrealized profits to start offloading their large holdings from the market.
In a social media post on October 2, the analyst said that newer Bitcoin whales â those who hold the asset for up to five months â would only make a 1% profit if they decided to offload their holdings now.
While older whales have performed better, they have ânot seen particularly higher returnsâ during the current market cycle, Joe said.
In Joe's view, whales are unlikely to sell part of their holdings until retail investors return to the market.
Bitcoinâs price has seen renewed volatility this week amid heightened tensions in the Middle East. Some analysts believe that bitcoin could fall to around $54,000 as investors continue to bid up traditional safe havens, such as gold.
Durov says Telegram has been exposing users' IP addresses since 2018
Cryptocurrency-friendly instant messaging app Telegram has been revealing criminalsâ IP addresses to authorities since 2018.
Durov took to his Telegram channel on October 2 to clarify his recent post about exposing the IP addresses and phone addresses of accounts found to be involved in criminal activity.
âMy previous post may have seemed like it was announcing a major shift in how Telegram works,â Durov said in his latest communication. âBut in reality, not much has changed.â
Durov's clarification on Telegram's data disclosure policies comes about a month after French authorities charged the CEO with six counts of illegal activity on the messaging app on August 28.
After being released on $5.5 million bail on September 5, Durov broke his silence on social media for the first time since his arrest, claiming the charges were âmisleading.â
Bitcoin falls, gold rises after Israel vows to make Iran pay for attack
Commodity prices such as gold and crude oil have surged as the specter of war in the Middle East looms. However, Bitcoin (BTC) is moving in the opposite direction, renewing the debate over whether it is a safe-haven asset.
Gold prices rose 1.4% on the day to $2,665 an ounce on Oct. 1, just shy of their all-time high, according to Goldprice.org. Meanwhile, crude oil prices rose 7% to $72 a barrel.
Bonds and the U.S. dollar also rose after Iran launched a major airstrike targeting sites across Israel late on Oct. 1. Israeli air defenses shot down most of the 180 incoming rockets, according to reports.
âThe escalating conflict in the Middle East has prompted investors to seek safety in gold, enhancing its appeal amid broader market uncertainty,â commented Li Xing, Financial Markets Strategy Advisor at Exness.
Bitcoin, often referred to as a safe haven asset, has done the exact opposite, falling more than 3% in the past 24 hours.
