Only five US senators out of the 11 typically on the digital assets subcommittee were available to ask questions about a potential market structure bill.

Many senators absent from ‘bipartisan’ crypto market structure hearing

The incident highlights the volatility of crypto markets and the impact of 
misinformation on investor sentiment and asset prices.
The post Binance co-founder Yi He dismisses rumors of CZ receiving pardon from 
President Trump: Report appeared first on Crypto Briefing.

Binance co-founder Yi He dismisses rumors of CZ receiving pardon from President Trump: Report

On-chain data shows Tron (TRX) observed a large profit-taking spike earlier in 
the month. Which type of holder was responsible for the move? Tron SOPR Saw A 
Huge Spike Earlier In The Month In a CryptoQuant Quicktake post, analyst 
Maartunn has talked about the recent trend in the Spent Output Profit Ratio 
(SOPR) of Tron. The SOPR refers to an on-chain indicator that tells us about 
whether the TRX investors are moving or selling their coins at a profit or 
loss. The indicator works by going through the transfer history of each coin 
being moved to see what price it was last transacted at. Coins that have this 
cost basis above the current spot price are contributing to loss realization, 
while those with the opposite setup to profit realization. Related Reading: 
Crypto Bears Rekt: $359M Gone As Bitcoin, Ethereum Rebound The SOPR takes the 
ratio between the spent value and cost basis, and sums it up for all coins 
being sold on the blockchain to find a net situation for the market as a 
whole. When the value of the indicator is greater than 1, it means the 
investors are, on average, realizing a profit through their transactions. On 
the other hand, the metric being under this threshold suggests the dominance 
of loss realization in the market. Now, here is the chart shared by the quant 
that shows the trend in the Tron SOPR over the past year: As displayed in the 
above graph, the Tron SOPR saw a huge spike above the 1 mark earlier in the 
month, implying investors took part in a significant amount of profit-taking. 
From the chart, it&#8217;s also visible that there were other profit realization 
spikes during the past year, but the current one stands out for its scale. The 
latest peak in the metric saw its value go to 4.74, corresponding to a profit 
margin of 374%. &#8220;With TRX priced at $0.268 at the time, the average 
acquisition price for those coins would have been around $0.0566,&#8221; explains 
Maartunn. Interestingly, Tron hasn&#8217;t seen extended periods around this price 
mark since late 2022, meaning that the tokens would have been held for a good 
while before being finally transacted this month. Usually, when dormant hands 
break their silence, it&#8217;s likely to be for selling-related purposes. That 
said, it&#8217;s not the only reason they may do so. &#8220;The activity could be tied to 
early investors realizing gains, internal transfers, or reallocation 
decisions,&#8221; notes the analyst. Related Reading: This Bitcoin Zone Could Be 
Market’s Next True ‘Pivot,’ Says Glassnode In some other news, the USDT supply 
on the Tron network has reached a new milestone, as institutional DeFi 
solutions provider Sentora (formerly IntoTheBlock) has pointed out in an X 
post. There is now over $80 billion in USDT supply circulating on Tron, the 
second-most out of any cryptocurrency network. TRX Price At the time of 
writing, Tron is trading around $0.273, up 0.5% over the last 24 hours. 
Featured image from Dall-E, IntoTheBlock.com, CryptoQuant.com, chart from 
TradingView.com

Tron’s 374% Profit-Taking Spree Uncovered—Here’s Who Was Behind It

Anthony Pompliano’s crypto firm ProCap has purchased 3,724 Bitcoin after 
announcing a $1 billion plan to go public later this year.

Anthony Pompliano’s crypto venture buys $386M in Bitcoin

Green Minerals says it will raise $1.2 billion to buy Bitcoin and plans to 
adopt blockchain technology in areas such as supply chain transparency and 
operational efficiency.

Norway deep-sea mining firm plans $1.2B Bitcoin buy

XRP price started a fresh increase from the $2.050 zone. The price is back 
above $2.10 and might struggle to continue higher above the $2.20 zone. XRP 
price started a fresh increase above the $2.120 zone. The price is now trading 
above $2.150 and the 100-hourly Simple Moving Average. There is a bullish 
trend line forming with support at $2.080 on the hourly chart of the XRP/USD 
pair (data source from Kraken). The pair could continue to move up if it 
closes above the $2.20 resistance zone. XRP Price Faces Hurdles XRP price 
remained supported above the $2.00 zone and started a fresh increase, like 
Bitcoin and Ethereum. The price recovered above the $2.020 and $2.080 
resistance levels. The pair even cleared the $2.150 resistance and spiked 
above the $2.20 barrier. However, the bears were active above the $2.20 zone. 
A high was formed at $2.215 and the price is now correcting some gains. There 
was a move below the $2.00 level, but the price is still above the 23.6% Fib 
retracement level of the upward move from the $1.910 swing low to the $2.2150 
high. The price is now trading above $2.150 and the 100-hourly Simple Moving 
Average. Besides, there is a bullish trend line forming with support at $2.080 
on the hourly chart of the XRP/USD pair. On the upside, the price might face 
resistance near the $2.20 level. The first major resistance is near the $2.220 
level. The next resistance is $2.250. A clear move above the $2.250 resistance 
might send the price toward the $2.320 resistance. Any more gains might send 
the price toward the $2.350 resistance or even $2.420 in the near term. The 
next major hurdle for the bulls might be $2.50. Another Drop? If XRP fails to 
clear the $2.20 resistance zone, it could start another decline. Initial 
support on the downside is near the $2.150 level. The next major support is 
near the $2.080 level. If there is a downside break and a close below the 
$2.080 level, the price might continue to decline toward the $2.020 support or 
the 61.8% Fib retracement level of the upward move from the $1.910 swing low 
to the $2.2150 high. The next major support sits near the $1.950 zone. 
Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in 
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD 
is now above the 50 level. Major Support Levels – $2.150 and $2.080. Major 
Resistance Levels – $2.20 and $2.250.