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Shiba Inu Recovers Amid Massive $36M Whale Transaction; Still Stuck in Downward Channel

Memecoin Shiba inu SHIB has chalked out a 3% recovery from overnight lows under $0.00001200, outperforming bitcoin BTC despite reports of a massive whale transaction.
On Thursday, SHIB experienced a significant 7.7% correction, dropping to 0.0000119 before finding strong support at the 0.0000120 level. Prices have since bounced to $0.00001241, according to CoinDesk data.
A massive whale transaction of 2.87 trillion SHIB, worth $36 million to Coinbase Institutional, initially triggered market concerns, according to CoinDesk’s AI research. The transaction, however, was later identified as being associated with market maker custody rather than a whale looking to sell coins.
However, despite the recovery, SHIB still trades 10% lower for the week as investors navigate broader market pressures. Furthermore, the cryptocurrency remains stuck in a downward-trending channel, identified by trendlines connecting the highs on May 12 and May 23 and the low on May 17.
AI technical insights for the past 24 hours
- SHIB dropped from 0.0000129 to a low of 0.0000119, representing a 7.7% decline with exceptionally high volume (2.9B) during the 19:00 hour sell-off.
- The price found strong support at the 0.0000120 level, with accumulation evidenced by above-average volume, establishing a clear demand zone.
- An ascending support trendline has formed during the recovery phase, with the price stabilizing around 0.0000122, approximately 4.9% above the period low.
- SHIB demonstrated a significant recovery pattern in the last hour, climbing with notable volume spikes.
- Substantial accumulation occurred at 07:55 with exceptionally high volume (32.3B).
- A clear resistance zone emerged at 0.0000123, which was successfully breached during the final minutes of the period.
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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins
Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.
This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.
Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.
MSTR shares are up 1.3% premarket.
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Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.
The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.
The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.
The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.
Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.
The investigation is still in progress, Europol added.
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Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.
The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.
A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.
The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.
Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.
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