Bitcoin Recovers from Telegram Founder Arrest to Trade above $64,000, Whale Stakes $4.5M SOL

Bitcoin recovered from a slight setback to trade above $64,000 on August 25, with this coming as the market reacted to news of the arrest of Telegram

Bitcoin price showed signs of recovery on August 25, rising back above the $64,000 level after a slight setback earlier in the day.

The market reacted to news of Telegram founder Pavel Durov’s arrest in France, which saw top coins and Toncoin (TON) post double-digit losses. Bitcoin remained resilient near $64k, while Solana retested the $160 price level.

Traders continued to show bullishness for Bitcoin Dogs after the token’s listing on major centralized and decentralized exchanges.

Here's what happened in crypto on August 25.

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Whale stakes $4.5 million Solana (SOL)

News of Telegram founder Pavel Durov’s arrest in France sparked a negative reaction across the crypto space on Friday.

Top coins declined alongside Toncoin (TON), the cryptocurrency powering The Open Network blockchain that’s increasingly being integrated with the encrypted messaging platform.

The arrest saw traders quickly sell off TON, Notcoin and other related coins in response to the news. At time of writing, TON price is down 18%, while Toncoin derivative Notcoin slid 15%.

Reactions to the Telegram founder’s arrest in France began pouring in on social media platforms, including a comment from Edward Snowden.

The arrest of @Durov is an assault on the basic human rights of speech and association. I am surprised and deeply saddened that Macron has descended to the level of taking hostages as a means for gaining access to private communications. It lowers not only France, but the world.

— Edward Snowden (@Snowden) August 25, 2024

The news of Durov’s arrest also impacted crypto markets, exerting downside pressure on top coins and Toncoin derivatives.

Despite the downside pressure, Bitcoin remained largely unaffected and changed hands at $64,000, while Ethereum traded flat around $2,700. Solana, on the other hand, reached highs of $160 for the first time since early August.

A whale took advantage of the early slip in Solana’s price to add to their SOL holdings. According to details shared by on-chain data platform Lookonchain, a whale bought over 28k Solana (SOL) tokens — now worth over $4.5 million — and proceeded to stake their new acquisition.

A whale bought 28,717 $SOL($4.56M) from #Binance today and staked it.https://t.co/X26MdvAuKh pic.twitter.com/iavZfNs9mb

— Lookonchain (@lookonchain) August 25, 2024

The whale's large purchase comes as the Solana network faces fierce competition in the meme coin space from TRON. Over the past week, the SunPump platform managed to take a significant bite out of Pump.fun’s dominance, especially in terms of revenue.

Is Bitcoin Dogs worth buying in the current market?

As several analysts across the market have suggested in recent weeks, there are a number of cryptocurrencies that could present a compelling opportunity for a long-term bet.

BTC is showing signs of a potential breakout to a new all-time high, which could be worth keeping an eye on. At the same time, traders hunting for the next gem are likely to find tokens such as Bitcoin Dogs presenting potential opportunities.

The Bitcoin Dogs token is the BRC-20 token that completed the first-ever presale on Bitcoin. Having already made its debut on Gate.io, MEXC and Uniswap, the 0DOG token is quickly completing its listing on DEX Tools and the OKX Web3 wallet.

In the lead up to Bitcoin Dogs’ listing on MEXC and Gate.io, several top analysts suggested that this might a good buying opportunity for those eyeing 0DOG.

Bitcoin Dogs (0DOG) Surges 100% Ahead of Gate.io Listing: Is Now A Good Time to Buy 0DOG?https://t.co/033003006d pic.twitter.com/033003006d

— Benzinga Crypto (@BenzingaCrypto) August 18, 2024

Conclusion

While Solana’s value has bounced off a multi-week hurdle, investors are bullish on SOL. Toncoin and Notcoin, which have tanked in the wake of Durov’s arrest, may yet bounce as the broader market eyes recovery.

Meanwhile, Bitcoin Dogs has the potential to be a good long-term opportunity, particularly given the project’s blend of play-to-earn, NFTs and DeFi on Bitcoin. Following the token’s listing on Gate.io, MEXC and Uniswap,

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