Binance Helps US and Taiwan Dismantle $100M Darknet Drug Market
Binance Helps US and Taiwan Dismantle $100M Darknet Drug Market
Binanceâs FIU was crucial in a global operation led by U.S. and Taiwanese authorities, dismantling the $100M Incognito Market darknet drug platform. Binanceâs Intelligence Unit Key to International Darknet Drug Bust Binanceâs Financial Intelligence Unit (FIU) played a crucial role in âOperation RapTor,â a global law enforcement initiative led by U.S. and Taiwanese authorities, which [âŠ]
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- NEWSBTC
Why Bitcoinâs Calm Rally Could Be a Setup for a Massive Breakout, Analyst Reveals
Bitcoin has returned to an upward trajectory, with the asset posting a 1.7% gain in the last 24 hours to reach $109,505. This marks a 4% increase in the past week, placing the cryptocurrency less than 2% below its all-time high of $111,000 set last month. The move follows a period of subdued market activity, with recent gains occurring in a relatively quiet trading environment. Analysts have looked into on-chain indicators for signals of whether the current price action is sustainable or approaching overheated levels. Particularly, unlike previous rallies driven by sharp price spikes and speculative retail demand, the latest growth appears more measured. This has prompted the assessment of metrics such as Binary Coin Days Destroyed (CDD), MVRV ratio, and exchange premium indexes to gauge underlying investor behavior and sentiment. Related Reading: BlackRockâs Bitcoin ETF Becomes Fastest Ever To Reach $70 Billion AUM Bitcoin Long-Term Holders and US Demand Drive Quiet Accumulation According to an analysis published on CryptoQuantâs QuickTake platform by contributor Avocado Onchain, Bitcoinâs current rally is taking shape under relatively stable conditions. The analyst points to a declining 30-day moving average of Binary CDD, a metric that tracks the spending behavior of long-term holders. The decrease suggests that these holders are not yet exiting the market, indicating a continued confidence in the assetâs potential for further gains. Another notable indicator cited in the analysis is the Coinbase Premium Index, which measures the difference between Bitcoin prices on US-based Coinbase and other global exchanges. This premium is increasing and nearing levels observed during Bitcoinâs prior peaks in March and December 2024. While elevated premiums can be a warning sign of overheating, Avocado notes that the Korea Premium Index remains low, suggesting muted activity from retail traders in Asia. This balance implies that institutional buying pressure, particularly from US-based investors, could be driving the recent momentum. In addition, the MVRV ratio, a comparison of Bitcoinâs market value to its realized value, has been rising gradually without any sharp jumps. This suggests that the market has not entered an extreme greed phase, further reinforcing the idea that the current uptrend may have more room to run. Avocado wrote: In summary, rather than anticipating a correction, the current indicators suggest that Bitcoin may have further room to grow, and this could be a time to carefully monitor the potential for continued upside. Whale Activity and Institutional Inflows Signal Market Confidence In a separate post, another CryptoQuant contributor known as Crypto Dan highlighted consistent buying activity from larger market players. His report notes that the Coinbase Premium has been climbing steadily since April 21, indicating increased demand from US investors. This trend, combined with observations of whale accumulation, points to a strengthening market foundation despite the absence of exuberant price behavior. Related Reading: Why The Bitcoin Price Could See Another 70%-170% Jump From Here The analyst further noted that such patterns are characteristic of post-correction recovery phases in Bitcoinâs historical price cycles. So far, the combination of long-term holder conviction, institutional demand, and subdued retail activity suggests the rally may be advancing on more stable footing than prior surges. Featured image created with DALL-E, Chart from TradingView
Bitcoinâs Next Big Move May Come From Tokyo, Not Wall Street, Arthur Hayes Says
The coming Bank of Japan meeting on June 16â17 could shake up both stock markets and crypto trading around the world. Bitcoin traders especially are on edge. Arthur Hayes, co-founder of BitMEX, warned that a shift by the BOJ might send risk assets much higher. Related Reading: Blockchain Alliance: Ripple And Japanâs Web3 Salon Spark [âŠ]
BlackRock: Bitcoin ETF Mania Is Still in âVery Early Daysâ
BlackRockâs Head of Digital Assets, Robert Mitchnick, says the explosive success of the iShares Bitcoin Trust (IBIT) is only the beginning. Speaking with Bloombergâs ETF IQ on June 9, Mitchnick described the Bitcoin ETF phenomenon as being in its âvery earlyâ phase, with institutional capital still gradually working through onboarding and due diligence pipelines. âVery [âŠ]
Moscow Exchange Launches Landmark Bitcoin Index
The Moscow Exchange has launched a bitcoin index, bolstering crypto offerings and potentially opening new financial instruments. Moscow Exchange Strengthens Crypto Offerings With New Bitcoin Index The Moscow Exchange (MOEX) is taking a significant step into the cryptocurrency market with the launch of its new MOEX Derivatives Market Bitcoin Index (MOEXBTC). This initiative marks a [âŠ]
- NEWSBTC
XRP Price Takes a BreatherâConsolidation Phase or Bullish Setup?
XRP price started a fresh increase above the $2.265 zone. The price is now consolidating and might aim for an upward move above the $2.30 resistance. XRP price started a decent upward move above the $2.250 zone. The price is now trading above $2.250 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $2.2750 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it clears the $2.30 resistance zone. XRP Price Consolidates Gains XRP price formed a base and started a fresh increase from the $2.10 zone, like Bitcoin and Ethereum. There was a move above the $2.150 and $2.20 resistance levels. The bulls even pushed the price above the $2.25 level. Finally, the price tested the $2.320 resistance. A high was formed at $2.3294 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high. The price is now trading above $2.250 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2.2750 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.30 level. The first major resistance is near the $2.320 level. The next resistance is $2.350. A clear move above the $2.350 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50. Downside Break? If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.2750 level and the trend line. The next major support is near the $2.250 level and the 76.4% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high. If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.220 support. The next major support sits near the $2.20 zone. Technical Indicators Hourly MACD â The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) â The RSI for XRP/USD is now below the 50 level. Major Support Levels â $2.2750 and $2.250. Major Resistance Levels â $2.30 and $2.320.