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  • ADA Shorts Squeezed $857K as Whales Reach Record Highs; Is the Bottom In?

    ADA Shorts Squeezed $857K as Whales Reach Record Highs; Is the Bottom In?

    Cardano’s ADA Price Sees Short Squeeze as Technical Signal Reappears

    Cardano’s native token, ADA, is experiencing a notable price surge, trading around $0.1650, marking a 6.50% increase in the last 24 hours and a 14.1% gain over the past week. This upward movement coincides with the reappearance of a technical indicator not seen since June’s market downturn, leading to significant losses for short-positioned traders.

    Technical Indicators Signal Shift

    The Parabolic SAR, a technical indicator used to identify potential trend reversals, has flipped below the current spot price for the first time in weeks, settling at $0.1385. This shift is further corroborated by derivatives market data. In the past 24 hours, short liquidations reached $857.14K, starkly contrasting with $158.49K for long liquidations. This represents a reversal of the trend that heavily impacted ADA bulls in June. Derivatives trading volume has also seen an uptick, climbing 8.08% to $544.55M, while open interest rose 1.62% to $374.88M, suggesting new market positions are being established rather than solely short covering.

    Whale Accumulation and Supply Squeeze

    On-chain data reveals that large wallet holders, often referred to as “whales,” have accumulated over 80 million ADA in the last three days amidst market volatility and bearish sentiment. These whale wallets now collectively hold 26.2 billion ADA, an all-time high, representing a significant portion of the circulating supply despite recent market uncertainty. Concurrently, the supply of ADA held on exchanges has hit a new all-time low, indicating a potential supply squeeze building beneath the surface.

    Navigating Resistance Levels

    Cardano is currently facing headwinds from negative news and a substantial resistance zone at its current trading levels. The immediate ceiling is the 20-day Exponential Moving Average (EMA) at $0.17. A sustained close above this level is crucial for further upward momentum. Beyond that, the 50-day EMA is positioned at $0.1858, the 100-day EMA at $0.2204, and the 200-day EMA at $0.2941. The fact that all major moving averages are overhead and declining suggests that a smooth ascent is unlikely, presenting a challenging trading environment.

    Support and Potential Scenarios

    The horizontal support zone between $0.14 and $0.15, which held firm through multiple tests in June, now serves as a structural floor. The Parabolic SAR flip offers the first technical confirmation of buyers gaining traction. However, a rejection at the 20-day EMA could trigger another downward price movement, mirroring previous failed bounce attempts this cycle.

    A daily close above $0.17 could pave the way for a rally towards the 50-day EMA at $0.1858, potentially intensifying short squeeze conditions given the current derivatives imbalance. Alternatively, if ADA consolidates between $0.15 and $0.1586, the recent minting of $5.4 million in USDCX on Cardano, pushing total reserves past $35 million, could gradually build support for the decentralized finance (DeFi) narrative. A rejection at the 20-day EMA and a subsequent close below $0.145 would invalidate the SAR signal and likely lead to the liquidation of long positions accumulated during the current bounce.

    Medium-Term Outlook and Key Decisions

    Medium-term quantitative models project ADA to trade around $0.1505 by the end of 2026. This suggests that the current price bounce may be a cyclical relief rally within a larger period of consolidation, rather than a fundamental reversal of the trend. The next 48 hours are considered decisive for ADA’s price trajectory.

    Investor Sentiment and Alternative Opportunities

    While ADA’s current bounce is significant, the substantial overhead resistance and declining EMAs present an asymmetric risk-reward profile for those looking to chase the rally. Traders seeking early-stage exposure to different market momentum are reportedly exploring the presale market, where entry prices are not dictated by charts laden with resistance.

    Meme coin presales have been attracting capital even as established cryptocurrencies consolidate. Maxi Doge ($MAXI), an ERC-20 token built on Ethereum, is noted as being part of this trend. The project emphasizes a “1000x leverage trading mentality” and incorporates features such as holder-only trading competitions and a treasury fund for liquidity and partnerships. The presale has reportedly raised $4,821,311.89 at a price of $0.0002827, with dynamic staking APY available. It is important to note that presale tokens carry inherent risks, including illiquidity and no guarantee of listing price.

  • Law Enforcement Group Backs CLARITY Act, Potentially Swaying Senate Vote

    Law Enforcement Group Backs CLARITY Act, Potentially Swaying Senate Vote

    Law Enforcement Group Backs Crypto Bill, Potentially Shifting Senate Vote

    The National Organization of Black Law Enforcement Executives (NOBLE) has publicly endorsed the Clarity Act, marking a significant moment as the first major law enforcement organization to support the cryptocurrency regulation framework. The group sent a letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer, urging backing for the legislation ahead of a crucial August legislative period.

    This endorsement challenges the prevailing opposition narrative and could offer political cover for moderate Democrats whose support for the bill is contingent on resolving concerns about enforcement.

    In their communication, NOBLE stated that the bill’s provisions “provide law enforcement with meaningful new capabilities while preserving longstanding criminal enforcement authorities.” This directly refutes claims that the legislation would create significant gaps in enforcement capabilities. The organization specifically highlighted enhanced tools to combat money laundering, digital asset kiosk crime, and unlicensed money transmitting businesses as tangible benefits for investigators.

    The endorsement carries structural weight, as it divides the law enforcement community at a time when Democratic senators, including Angela Alsobrooks, have indicated their votes depend on the resolution of these specific law enforcement objections. While NOBLE’s support alone does not guarantee the 60 Senate votes required for passage, it weakens the bipartisan opposition and strengthens the proponents’ position in final negotiations.

    Four prominent law enforcement organizations – the National Sheriffs’ Association, the International Association of Chiefs of Police, the National District Attorneys Association, and the National Association of Assistant United States Attorneys – remain formally opposed to the bill. Their primary objection centers on Section 604, which incorporates the Blockchain Regulatory Certainty Act (BRCA). This section aims to establish regulatory safe harbors for non-custodial blockchain developers and DeFi infrastructure providers.

    Critics argue that these carve-outs could exempt certain entities from Bank Secrecy Act obligations and money-transmitter laws, potentially creating blind spots for illicit activities such as narcotics trafficking, sanctions evasion, and terrorist financing.

    NOBLE’s counterargument is that the Clarity Act designates digital-asset intermediaries as financial institutions for Anti-Money Laundering (AML) purposes. This would mandate customer identification, due diligence, and suspicious-activity reporting. The organization also emphasized in its Senate letter that the bill “does not alter the longstanding federal criminal authorities that investigators and prosecutors rely upon every day.”

    The most probable path to resolution involves targeted amendments that refine the BRCA safe-harbor language to address the concerns of prosecutors and police associations, without undermining the regulatory certainty sought by the industry.

    Beyond the enforcement debate, the bill’s market structure provisions are also noteworthy. The Senate version explicitly classifies Bitcoin and Ethereum as digital commodities under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This designation aims to resolve the long-standing regulatory turf war between the Securities and Exchange Commission (SEC) and the CFTC, which has contributed to regulatory uncertainty for years. Major banks and asset managers are reportedly awaiting this clarity to proceed with the large-scale tokenization of equities and real-world assets.

    Senators Cynthia Lummis and Tim Scott, the chairman of the Senate Banking Committee, are pushing for a floor vote before the chamber’s recess begins on August 10. Senator Scott has stated that “the Clarity Act provides clear rules of the road for digital assets, protecting consumers and helping keep the future of finance in America.”

    Senator Lummis has publicly criticized Senator Elizabeth Warren’s opposition to the bill’s progress, particularly in light of former President Trump’s disclosure of significant cryptocurrency income, which has added political friction to an already contested ethics section of the legislation.

    Negotiators returned from the July recess on July 13, and the House Financial Services Committee held a hearing on July 17 focused on the bill’s innovation framework. The remaining legislative work involves reconciling the versions from the Senate Banking and Agriculture Committees into a single package, finalizing the DeFi enforcement language, and resolving ethics provisions. These provisions would restrict senior officials and members of Congress from operating cryptocurrency enterprises they oversee, a measure some Republicans have also expressed reservations about.

    With the August deadline approaching, NOBLE’s endorsement shifts negotiating leverage towards the bill’s supporters, though substantive amendments are still required. The ability of the Senate to reconcile outstanding provisions before the recess remains a key variable. Bloomberg Intelligence currently rates the bill’s passage probability for August at 60%, while crypto bill watchers on Polymarket estimate a 40% chance for the full year.

  • FLEXUSDT Perpetual Contract Lists with 20x Leverage

    FLEXUSDT Perpetual Contract Lists with 20x Leverage

    Bybit Lists FLEXUSDT Perpetual Contract, Offering Up to 20x Leverage

    Cryptocurrency exchange Bybit has announced the listing of the FLEXUSDT Perpetual Contract, with trading now live and offering users leverage of up to 20x.

    The new contract is also accessible through Bybit’s suite of Futures bots, including Futures Grid, Futures Martingale, and Futures Combo.

    FLEXUSDT Perpetual Contract Details:

    • Underlying Asset: Flex Ltd (FLEX)
    • Settlement Asset: USDT
    • Tick Size: 0.01
    • Maximum Leverage: 20x
    • Capped Funding Rate: 2.5%
    • Funding Fee Settlement Interval: Every 8 hours
    • Trading Hours: 24/7
  • CRWDUSDT Perpetual Contract Launched with 20x Leverage

    CRWDUSDT Perpetual Contract Launched with 20x Leverage

    Bybit Launches New Perpetual Contract for CrowdStrike Holdings

    Cryptocurrency exchange Bybit has announced the listing of a new perpetual contract for CrowdStrike Holdings Inc. (CRWD), now available for trading against Tether (USDT). The CRWDUSDT Perpetual Contract allows traders to speculate on the price movements of CrowdStrike’s stock with up to 20x leverage.

    The new contract is also accessible through Bybit’s suite of Futures bots, including Futures Grid, Futures Martingale, and Futures Combo, offering automated trading strategies for users.

    Key details of the CRWDUSDT Perpetual Contract include:

    • Underlying Asset: CrowdStrike Holdings Inc. (CRWD)
    • Settlement Asset: USDT
    • Tick Size: 0.01
    • Maximum Leverage: 20x
    • Capped Funding Rate: 2.5%
    • Funding Fee Settlement Interval: Every 8 hours
    • Trading Hours: 24/7

    CrowdStrike Holdings Inc. is a leader in cloud-native cybersecurity solutions. The company’s official website can be found at https://www.crowdstrike.com/.

  • Binance Expands Collateral Options with 15 Tokenized Stocks

    Binance Expands Collateral Options with 15 Tokenized Stocks

    Binance Expands Margin Trading Options with New bStocks Collateral Assets

    Binance has announced the addition of fifteen new bStocks tokens as eligible collateral assets for its Cross Margin, Portfolio Margin, and Portfolio Margin Pro services. This move significantly broadens the collateral options available to eligible users for margin trading.

    The newly added bStocks tokens represent a diverse range of companies and investment vehicles, including Circle (CRCLB), Micron (MUB), NVIDIA (NVDAB), Sandisk (SNDKB), Tesla (TSLAB), SpaceX (SPCXB), Advanced Micro Devices (AMDB), iShares MSCI South Korea ETF (EWYB), Intel (INTCB), Strategy (MSTRB), Lumentum (LITEB), Meta (METAB), Microsoft (MSFTB), Palantir (PLTRB), and Invesco QQQ Trust (QQQB). Corresponding bStocks trading pairs are now also available for margin trading.

    Eligibility and Risk Management

    This feature is exclusively available to VIP 3 and above users in permitted jurisdictions. Users in restricted regions will not have access to these new collateral options.

    Binance strongly encourages users to implement robust risk management strategies and to continuously monitor their margin levels when utilizing bStocks tokens as collateral. Further details on marginable assets and related information can be found in the Margin Data section.

    For a comprehensive understanding of the index price methodology for bStocks as collateral assets, users are directed to the bStocks Tokenized Securities Collateral Index Price Methodology.

    Understanding Binance bStocks

    Binance bStocks are tokenized securities that represent underlying equities. The platform offers resources such as Frequently Asked Questions on Binance bStocks as Collateral Assets, Margin Trading Overview, and a Binance Cross Margin Trading Guide to help users navigate these products.

    Binance reserves the right to amend or cancel this announcement at any time and for any reason without prior notice.

    It is important to note that information regarding Tokenized Securities is not intended as an offer, solicitation, promotion, recommendation, or invitation to buy or sell securities in any jurisdiction. Tokenized Securities are not offered, sold, distributed, made available, or accessible in the United States or to U.S. persons. They have not been registered under the U.S. Securities Act of 1933 or any U.S. state securities laws, and a public offering of bStocks will not be conducted in the United States or any other jurisdiction, with the exception of the ADGM. By accessing this product, users represent and warrant that they are not U.S. persons, are not located in the United States, are not acting for the account or benefit of any U.S. person, and will not access, purchase, sell, transfer, redeem, or otherwise transact in Tokenized Securities from within the United States.

  • Crypto Market Pulse: ETH, XRP, ADA, BNB, and HYPE

    Crypto Market Pulse: ETH, XRP, ADA, BNB, and HYPE

    Ethereum Recovers, Eyes Key Resistance

    Ethereum has managed to rebound from support at $1,500, erasing last week’s losses and closing the week with an impressive 10% rally as buyers regained control. However, for a sustained recovery, the price must break through the current resistance at $1,800. A failure to do so would likely result in a brief respite before sellers reassert dominance.

    Looking ahead, Ethereum has an opportunity to establish a local bottom and initiate a rally. The critical question is whether buyers possess the volume and strength to sustain this momentum and overcome the key resistance in the coming days and weeks.

    XRP Defends $1 Amidst Resistance

    This week, buyers successfully defended the $1 mark, pushing XRP’s price up by 6%. However, resistance at $1.1 has so far held firm against bullish advances.

    Similar to Ethereum, XRP needs to capitalize on this bounce to fuel a sustained rally and break its current downtrend. Even if the $1.1 resistance is breached, the price must then claim $1.3 to confirm a significant breakout.

    The price reaction at $1 was anticipated, given its status as a key psychological level. If buyers fail to leverage this momentum in the near future, sellers are likely to return and apply renewed pressure.

    Cardano Shows Strength, But Faces Lower High

    Cardano impressed this week with a 16% bounce after briefly dipping below the $0.15 support level. With this support secured, the cryptocurrency appears poised for further gains. However, as of this report, the price has formed a lower high.

    For a confident sustained recovery, Cardano must surpass its previous high of 19 cents. Falling short of this mark would suggest a bearish bounce, potentially leading to further declines for ADA.

    While market sentiment has improved with the start of July, the month is still in its early stages, making it premature to confirm the sustainability of current price action. At a macro level, ADA’s trend remains bearish.

    Binance Coin Stagnates, Faces Regulatory Headwinds

    In contrast to other cryptocurrencies on the list, Binance Coin has remained flat this week. This lack of movement is atypical and signals a bearish outlook, particularly as the price failed to reclaim its $580 support. Consequently, sellers maintain the upper hand and may target $500 next.

    The $500 support level has yet to be tested but represents the next significant hurdle if bearish sentiment continues. Furthermore, Binance’s failure to secure a MiCA license in the EU at the beginning of July has resulted in the loss of a key market to competitors.

    Looking ahead, any weakness experienced by the Binance exchange is likely to impact its native token, BNB. The current chart pattern confirms this, showing a persistent bearish trend with no immediate signs of a bounce or recovery.

    Hyperliquid Consolidates in Bullish Pennant

    Hyperliquid (HYPE) found solid support above $60 and experienced a 6% bounce this week, resulting in flat price action since early June. This consolidation is forming a large pennant pattern, the resolution of which will indicate the cryptocurrency’s next direction.

    Pennant patterns typically see prices respecting the underlying trend, which in this case is bullish. Therefore, the higher probability suggests a breakout and a move towards new highs.

    To challenge its current all-time high of $77, HYPE must secure $68 as key support and hold above it. A break below $60 or failure to maintain $68 would serve as a bearish signal, likely leading to lower lows.

  • XRP Signal Weakens: Analyst Sees Potential Setup

    XRP Signal Weakens: Analyst Sees Potential Setup

    XRP experienced a roughly 5% surge over the past 24 hours, allowing the token to reclaim the $1.10 mark. Despite this short-term recovery, XRP remains more than 50% below its value from a year ago.

    Recent on-chain data indicates that the sustained downturn has driven key holder metrics to historically extreme levels.

    According to Santiment, XRP holders are currently experiencing some of the weakest average returns in the asset’s history. Its 30-day MVRV has dropped to -45%, and its 365-day MVRV stands at -47%, signaling that both short-term and long-term holders are significantly underwater.

    For the first time in XRP’s nearly 12-year history, both short- and long-term holders are facing record-low average returns, a situation that reflects unusually high levels of fear and frustration. Santiment cautioned that this does not preclude further price declines if the broader cryptocurrency market remains under pressure.

    However, from a risk-reward standpoint, the firm believes that buying or increasing exposure to XRP at current levels carries less risk than usual. This is because much of the potential downside has already been absorbed by existing holders, a condition that has historically preceded stronger market setups.

    In parallel, crypto analyst Ali Martinez noted that the SuperTrend indicator has issued its first buy signal for XRP since mid-June. He pointed out that the previous buy signal was followed by a 14% rally, and the indicator had also accurately identified the last two major declines of 19% and 16%.

    Martinez’s earlier analysis also revealed an uptick in XRP’s network activity. Daily active addresses have climbed from 23,000 on June 14 to nearly 40,000, suggesting increased on-chain participation.

    On the institutional front, U.S.-based spot XRP ETFs attracted over $59 million in net inflows throughout June. Following two consecutive days of outflows, these funds returned to positive territory on July 3, bringing in $6.55 million.

    Data from SoSoValue indicated that Bitwise’s ETF accounted for the largest portion of the day’s inflows.

  • Bitcoin Options Expiry: Will Markets Move?

    Bitcoin Options Expiry: Will Markets Move?

    Bitcoin Options Expiry Amid Market Uptick

    Approximately 31,000 Bitcoin options contracts, with a notional value of around $1.9 billion, are set to expire on Friday, July 3. This expiration is significantly smaller than the substantial end-of-quarter event last week, suggesting a minimal impact on spot markets.

    Crypto markets, which experienced a flat trend for most of the week, saw a resurgence on Friday. Since Monday, the sector has attracted $70 billion as losses from last month’s downturn have decelerated.

    This week’s Bitcoin options contracts exhibit a put/call ratio of 0.7, indicating a slight dominance of sellers of long (call) contracts over sellers of short (put) contracts. The maximum pain point is situated near $61,000, close to current spot prices, meaning some contracts are likely to expire in the money.

    Open interest (OI), representing the value or number of Bitcoin options contracts yet to expire, remains highest on Deribit at the $80,000 strike price, totaling $1.1 billion. However, short sellers maintain $900 million in OI at the $60,000 strike.

    According to Coinglass, total BTC options OI across all exchanges has decreased to a 16-month low of $26 billion following last week’s significant expiry.

    Derivatives provider Greeks Live noted this week that “Short-dated skew continues to account for the majority of downside premium embedded in BTC options pricing.” They added, “Options positioning remains primarily driven by near-term risk management rather than a broad repricing of longer-term expectations.”

    Ethereum Contracts Also Expire

    In addition to Bitcoin options, approximately 134,000 Ethereum contracts are expiring today, with a notional value of $228 million. These contracts have a maximum pain point of $1,650 and a put/call ratio of 1.3.

    Total ETH options OI across all exchanges is currently low, standing at around $3.6 billion, its lowest level since January 2023. This brings the total notional value of crypto options expirations to approximately $1.8 billion.

    Market Sees Broad Gains

    Crypto markets are experiencing a broad rally this Friday, with total capitalization rising to $2.2 trillion.

    Bitcoin led the gains, reaching an intraday high of $62,000 on Thursday following weaker-than-expected U.S. jobs data. It was trading at $61,500 on Friday morning in Asia. Ether performed slightly better, reclaiming the $1,700 level with a 6% daily gain and maintaining that momentum over the past 12 hours.

    The upcoming long weekend in the United States is expected to lead to subdued market activity.

    A recent social media post indicated that Bitcoin had reclaimed $62,000 after June jobs data came in below expectations, reducing the likelihood of a Federal Reserve rate hike. The post also stated that over $69 billion had been added to the crypto market in the preceding six hours, with Bitcoin up 3.5% and Ethereum also showing gains.

  • XRP Echoes March Surge: Will $1 Support Hold?

    XRP Echoes March Surge: Will $1 Support Hold?

    XRP ETFs Face Outflows, Raising Concerns Over $1 Barrier

    Ripple’s cross-border token, XRP, has recently experienced a shift in market sentiment, moving from robust institutional demand to facing potential downward pressure. This comes as spot XRP Exchange Traded Funds (ETFs), which had previously seen significant inflows, are now grappling with substantial outflows, a stark contrast to their earlier performance.

    ETF Performance Reverses Trend

    The launch of the first spot XRP ETF in the U.S. by Canary Capital in November marked a significant development, offering investors direct exposure to the asset. This was followed by similar products from Bitwise, Franklin Templeton, 21Shares, and Grayscale. Collectively, these ETFs had amassed nearly $1.5 billion in net inflows since their inception, demonstrating sustained investor interest even during a broader market downturn that affected XRP’s price.

    However, the trend appears to have reversed in recent days. For the first time since March, outflows have surpassed inflows over two consecutive days. This development suggests a potential reduction in exposure to XRP by institutional investors such as pension funds and hedge funds. Consequently, ETF issuers may be compelled to sell their holdings, adding further downward pressure on the token.

    Price Volatility and Analyst Outlook

    The asset’s price recently dipped close to the $1 mark, sparking fears among some that bears could push it below this critical psychological level for the first time since late 2024. While bulls managed to reclaim some ground, XRP is currently trading around $1.11, according to CoinGecko.

    Analyst Diana, on the X platform, expressed caution, predicting a potential fall to $0.87 if XRP breaks below $1.08 again. Conversely, she noted that maintaining this level could pave the way for an increase to $1.30.

    Factors Suggesting Potential Upswing

    Despite the recent ETF outflows, several indicators suggest a potential upcoming upswing for XRP. The amount of XRP held on the Binance exchange has recently fallen to a four-month low, indicating reduced selling pressure.

    Furthermore, popular analyst Ali Martinez highlighted that the Tom DeMark (TD) Sequential Indicator has flashed a buy signal for XRP on a monthly scale, a signal also observed for other major cryptocurrencies like Bitcoin, Ethereum, and Solana. Martinez explained that such trend-exhaustion setups on higher timeframes carry significant weight, and historically, concurrent monthly buy signals across multiple assets have indicated seller fatigue and a high probability of a long-term market bottom.

  • Treasury Sanctions 130+ ISIS-Linked Tron Wallets

    Treasury Sanctions 130+ ISIS-Linked Tron Wallets

    Treasury Sanctions ISIS-Linked Crypto Wallets, Primarily on Tron Network

    The U.S. Treasury Department has imposed sanctions on over 130 cryptocurrency wallet addresses linked to ISIS, with a significant majority operating on the Tron blockchain.

    The department’s Office of Foreign Assets Control (OFAC) added 134 crypto wallets to existing sanctions against ISIS-K, the Islamic State’s affiliate active in Afghanistan, Pakistan, and Central Asia. Of these, 131 were identified on the Tron network and three on Monero.

    According to blockchain analytics firm Chainalysis, the sanctioned Tron addresses have collectively received more than $1.4 million since 2023 and disbursed over $880,000 during the same period. Chainalysis also reported that stablecoin issuer Tether has frozen the balances associated with all 131 sanctioned Tron wallets.

    ISIS-K’s media wing, the al-Azaim Media Foundation, has a documented history of soliciting cryptocurrency donations through websites and messaging platforms. Chainalysis indicated that several of the newly sanctioned wallets transferred cryptocurrency to exchanges based in Syria.

    The Tron blockchain, founded by cryptocurrency entrepreneur Justin Sun, has previously been utilized by entities subject to U.S. government sanctions or scrutiny. Earlier this year, Tether froze $344 million worth of USDT held in Tron wallets that federal authorities had flagged for connections to illicit activities.

    The latest sanctions targeting ISIS-related Tron wallets occur amidst a notable deterioration in Sun’s relationship with the family of former President Donald Trump. Sun, once a prominent financial supporter of the Trump family’s cryptocurrency ventures, filed a lawsuit in April against their crypto platform, World Liberty Financial, alleging unlawful freezing of his tokens and removal of governance rights.

    World Liberty has since filed a countersuit for defamation, accusing Sun of orchestrating a campaign to depress the token’s price and subsequently defaming the company after his assets were frozen.

    In a separate action on Wednesday, OFAC also sanctioned two Brazilian nationals and four companies connected to the criminal organization Primeiro Comando da Capital (PCC). The department alleges these entities used cryptocurrency to move more than $30 million in drug trafficking proceeds, generated in the United States, back to Brazil.