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The Morning After: Bitcoin Slips Back Below $90K Following Crypto’s Wild Sunday

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President Trump set off the mother of short squeezes on Sunday with his crypto reserve post, but gains are quickly reversing during early U.S. trading on Monday.

Bitcoin (BTC) has slipped about 5% in the past hour, now trading at $89,500. It’s still up from roughly the $85,000 area prior to the president’s social media post Sunday but down from as high as $95,000.

The other cryptos mentioned by Trump — ether, solana, XRP and cardano — all remain nicely higher from Sunday, but have also given back sizable portions of their gains.

«Nothing new here,» wrote Arthur Hayes of Trump’s crypto reserve posting. «Just words. Let me know when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy bitcoins and shitcoins.»

Also not feeling the love was Lekker Capital CIO Quinn Thompson, who notably nailed the bear move in crypto over the past weeks. «If you’re in crypto and cheering this, I don’t know what to tell you,» said Thompson on Sunday. «There’s just no way that legitimizing two of the largest grift and scams in the existence of the industry is a good thing. Can blame it on the [administration] being ignorant, misinformed or bought, but this ain’t it.»

«Trump admin about to give crypto traders the 10th sell the news opportunity of the year,» he added.

Crypto-related stocks are also in the process of giving back big early gains, among them Coinbase (COIN), Strategy (MSTR), Semler Scientific (SMLR) and Hut 8 (HUT).

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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

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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

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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

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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.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

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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