Crypto World
Crypto Veteran Warns: A Handful of Sellers Can Wipe Out Meme Coins in Minutes
Long-time crypto trader Ogle warned on July 13 that small meme coins with limited liquidity can collapse within minutes when a few large holders decide to sell.
Pointing to recent losses around the latest sensation in the space, CASHCAT, the market watcher reiterated the risks in chasing fast-moving tokens, where paper gains can disappear really fast when leverage, thin markets, and concentrated ownership collide.
Why a Few Wallets Can Move the Whole Market
In a post on X, Ogle made a basic observation about this market: that a lot of people are sitting on hundreds of thousands, sometimes millions of dollars in gains that they have not actually cashed out. According to him, if even two or three of these traders were to sell, it would trigger a major price drop, especially for smaller meme coins.
“When a ton of people have made hundreds of $k or $m in a token, unrealized, in this type of market, it only takes 2-3 of them to sell (if the token is small, especially a meme with little liquidity) for everything to collapse quickly,” he wrote.
The analyst explained that the problem became even worse if the token was listed on perpetual futures exchanges, where traders often borrowed funds to place large bets.
He gave an example of CASHCAT, the meme coin built on the Robinhood Chain, that jumped more than 3,200% over the past week and briefly pushed its market cap to around $226 million about a day ago when its price hit an all-time high (ATH) of $0.2288 per CoinGecko data.
According to Lookonchain, that rally saw a few winners, including one trader who bought 15 million CASHCAT tokens for about $838 and turned that into a profit of over $1 million. However, had they waited a few more days, they would have walked away with nearly $2.9 million. Another trader spent $69 and sold for $711, which, while a tidy 10x on their investment, would have been worth $2.7 million had they also waited.
However, things may have also gone south for those traders since, as Ogle noted, the asset experienced some pretty big liquidations, which came right after the launch of a perpetual contract on Hyperliquid.
Data from CoinGecko shows CASHCAT’s value crashed by approximately 60% with about 90% of long positions liquidated, intensifying selling pressure and volatility. At the time of writing, the meme coin had made some recovery and was trading just below $0.16, although that price still represented an over 18% dip in 24 hours, pushing the coin more than 30% below its ATH.
Utility Tokens vs. Short-Term Meme Bets
In his X post, Ogle, who’s an advisor for the Trump family-backed World Liberty Financial, said that while meme coins can produce quick returns, his trading experience had seen him make the biggest gains from utility-focused assets such as Solana, BNB, Ethereum, Litecoin, and Bitcoin.
According to him, those investments are slower plays that require patience, and many traders often lose interest before the assets can deliver larger returns.
The post Crypto Veteran Warns: A Handful of Sellers Can Wipe Out Meme Coins in Minutes appeared first on CryptoPotato.
Coinbase CEO Brian Armstrong said Base’s content coin strategy failed and confirmed that the network changed direction earlier in 2026.
Summary
- Brian Armstrong admitted Base’s content coin strategy failed and said the network changed direction earlier.
- Base now prioritizes trading, payments and AI agents, with most resources assigned to trading infrastructure.
- Community criticism focused on Zora promotion, user losses and weak long-term loyalty from token experiments.
His comments followed criticism from community members who questioned Base’s support for Zora-based tokens and creator-focused experiments.
Armstrong responded on X to a post that argued the projects failed to create lasting user loyalty and left some traders with losses.
“They didn’t work and we pivoted early this year. We messed up, time to turn the page,” he wrote.
Armstrong responds to Base content coin criticism
The criticism came from SmileyXBT, which said Base spent more than a year promoting Zora and gave extra attention to projects linked to former Coinbase staff. The post also questioned creator coins tied to public figures and Base team members.
The critic named tokens linked to investor Balaji Srinivasan and Base founder Jesse Pollak among examples where traders lost money. Armstrong agreed with the criticism of content coins but rejected the claim that Base had shifted most of its attention toward AI agents.
Base shifts resources toward trading infrastructure
Armstrong said Base now focuses on trading, payments and AI agents, in that order. He added that the areas connect because payment services need foreign exchange, while AI agents may use trading and payment tools.
“Most of the resources are going to trading right now,” Armstrong said. He acknowledged that Base’s current direction may not yet appear clearly to outside users.
Base’s official website presents trading, payments and agents as its main solutions. Its 2026 strategy also lists global markets and stablecoin payments among its priorities, alongside support for developers building onchain applications.
Zora push drove rapid token launches
Base promoted content coins through its social app in 2025. The system used Zora contracts to turn posts into tradable tokens, allowing creators to earn fees when users traded their content.
As previously reported, the model helped Base pass Solana in daily token launches during August 2025. More than 1.6 million tokens launched within weeks, while nearly three million traders generated about $470 million in volume.
The activity did not settle whether content coins could produce lasting communities. Reports at the time said much of the activity came from short-term traders seeking quick profits rather than long-term participation.
AI agents remain part of Coinbase’s broader plan
Armstrong said Base had not replaced its community strategy with AI agents. Instead, he described agents as one part of a system built around trading and payments.
Coinbase expanded its agent tools throughout 2026.The company launched Agentic Wallets that allow software agents to hold funds, trade tokens and make payments. It later introduced Coinbase for Agents, which connects AI systems to trading and portfolio tools.
Base also launched Base MCP, a tool that lets users direct supported wallet actions through AI chat systems while retaining transaction approval. The network has promoted x402 as a way for software agents to pay for online services using stablecoins.
Armstrong’s statement marks a public break from content coins as a central growth plan. Base now directs most resources toward trading infrastructure while continuing work on payments and agent-based products.
South Korea’s largest single-stock leveraged ETF has lost nearly half its value in just weeks, turning a red-hot chip rally into one of the market’s sharpest reversals.
The Samsung KODEX SK Hynix Single Stock Leverage fund, the biggest of more than a dozen similar products, has dropped about 45% since its late-May debut, Bloomberg-compiled data show.
A Rally That Turned Into Regret
More than a dozen 2x leveraged ETFs tracking Samsung Electronics and SK Hynix launched in Seoul in late May, pooling $3 billion in combined assets. Investors followed a wave of similar products that had already taken off in Hong Kong.
The rally did not last. SK Hynix shares tumbled around 14% in Seoul on Monday, July 13, and the fall pushed the KOSPI bear market slide further, with the index now down about 25% from its record high.
Jung In Yun, chief executive of Fibonacci Asset Management, said individual traders have absorbed most of the damage.
“The sharp decline in these leveraged ETFs has been particularly painful for retail investors because many appear to have treated them as long-term investments rather than short-term trading tools”.
A Regulator’s Rare Admission
Lee Chan-jin, governor of the Financial Supervisory Service, admitted on June 22 that regulators had approved the leveraged ETFs too hastily. He said the approvals were partly meant to draw retail money back from US markets and steady the won, though the currency effect proved limited.
“Maybe I should have lain down on the floor to block it. I personally regret (I didn’t).”
The admission came days after the watchdog had already issued a warning on the products. By the end of May, the ETFs had helped push retail investors’ borrowed stock purchases to a record 60 trillion won ($39 billion).
Regulators approved the funds as Korea’s KOSPI rallied more than 110% this year, on top of a 76% surge in 2025, powered largely by Samsung Electronics and SK Hynix, which together make up over half the index.
Retail traders, who drove the Samsung and SK Hynix rally and even chased the gains with savings and insurance payouts, have not backed off. Leveraged and inverse Korean ETFs pulled in $3.8 billion over the past month, Bloomberg Intelligence data show, even as tighter leveraged ETF rules look increasingly likely.
Whether tighter oversight curbs retail appetite for leverage, or simply pushes it offshore, remains an open question.
The post SK Hynix Leveraged ETF Falls 45%: Did Korea’s Regulator Regret Come Too Late? appeared first on BeInCrypto.
Patrick Witt, the White House point person on the Digital Asset Market Clarity Act (the “CLARITY Act”), is set to begin a multi-month period of military training after stepping away from his White House role at the end of July. According to Crypto In America, Witt will complete his work on July 24 before reporting for legal officer training with the Georgia Army National Guard.
Witt’s temporary absence comes at a sensitive moment for the proposed legislation, which is widely viewed as needing to clear a narrow window in the US Senate before lawmakers enter the Aug. 8 recess. The coming weeks could test whether the bill’s momentum survives leadership transitions during negotiations in Washington.
Key takeaways
- White House crypto adviser Patrick Witt will take leave after July 24 for Judge Advocate General (JAG) training with the Georgia Army National Guard.
- The CLARITY Act’s Senate timing is still considered tight, with a key cutoff tied to the Aug. 8 recess.
- Witt has helped broker negotiations between crypto and banking stakeholders on elements of market structure, including stablecoin yield and ethics-related provisions.
- In Witt’s absence, Harry Jung, deputy director of the President’s Council of Advisors for Digital Assets, is expected to assume Witt’s responsibilities, while Witt plans to remain involved remotely.
Military training planned after July 24
Crypto In America reported that Witt will pause his duties at the end of July for several months of training. The outlet said Witt will return to the Guard in a role that would qualify him to serve as a legal officer within the National Guard.
In comments reported by Crypto In America, Cody Carbone, CEO of Digital Chamber, indicated Witt had informed stakeholders in advance that he would be taking military leave later in the month. Carbone said Witt had been “forthcoming and honest with every stakeholder” about the timing, according to the report.
Why the leave matters for the CLARITY Act push
The CLARITY Act is designed to establish what supporters describe as the first comprehensive US regulatory framework for the crypto market. As described in the report, the bill faces a narrow path through the Senate, with many observers treating the Aug. 8 recess as a practical deadline.
That matters because the bill’s progress depends not only on formal committee and floor scheduling, but also on sustained negotiation with multiple parties—particularly around specific market-structure questions that lawmakers are trying to balance between competing interests.
Witt has been described as a central participant in those discussions. The report states he has helped drive negotiations between crypto and banking representatives on components of the broader market-structure effort, including issues connected to stablecoin yield and disputes related to ethics provisions.
In practical terms, that means Witt’s temporary absence could alter the rhythm of day-to-day engagement with stakeholders at a time when timing is already compressed. Even if the political process continues, changes in availability can affect how quickly contentious topics are worked through and how consistently lawmakers receive unified messaging from the administration’s side.
Who takes over while Witt is away
Crypto In America reported that in Witt’s absence, Harry Jung—deputy director of the President’s Council of Advisors for Digital Assets—is expected to take on Witt’s responsibilities. The same report also said Witt intends to remain involved in the process even during his military training.
Witt’s plan to stay engaged, even if temporarily stepping back from full-time White House work, is likely intended to prevent institutional knowledge from walking out the door at the most operationally demanding moment for the bill. However, the exact extent of that involvement during training was not detailed in the report, leaving open questions about what tasks and negotiations he can realistically handle while away.
Cointelegraph also reported reaching out to the White House and to Patrick Witt for comment, though no additional statements were included in the excerpt provided.
Negotiations have already spanned banking and crypto interests
The role described for Witt points to a negotiation process that has extended beyond purely internal legislative drafting. According to the report, Witt has been instrumental in bridging conversations between crypto industry stakeholders and banking representatives around sensitive policy choices.
Two issues highlighted in the report—stablecoin yield and ethics provisions—underscore why the CLARITY Act’s talks have been difficult. Stablecoin economics and how yield is addressed can significantly affect product design and compliance approaches, while ethics provisions can shape disclosure requirements and perceived boundaries for participation by different actors.
When a bill depends on reconciling that kind of detail, continuity in the coordinating role becomes more than a staffing issue. It becomes a factor in whether stakeholders trust that their concerns are being tracked accurately through late-stage negotiations.
With Witt away for training and Jung expected to step in operationally, investors and builders watching the legislation will likely focus on whether the administration’s negotiation posture stays consistent and whether the final text remains aligned with the compromises already discussed.
What to watch next
As the Senate approaches the Aug. 8 recess, the main question is whether the CLARITY Act can keep momentum through late-stage legislative maneuvering while Witt is on leave—particularly on the complex market-structure points he helped negotiate, such as stablecoin yield and ethics-related provisions.
Binance.US has set a goal of reclaiming 20% of the U.S. crypto trading market after two years of regulatory setbacks.
Summary
- Binance.US aims to reclaim 20% of the U.S. crypto trading market after two difficult years.
- Lower fees and liquidity incentives form the core of the exchange’s comeback strategy in America.
- New licenses could open derivatives, perpetual futures and prediction markets to Binance.US customers across America.
Chief executive Stephen Gregory said the exchange has restarted its growth strategy and plans to rebuild customers, trading activity and liquidity.
Gregory described the period as a two-year “hibernation” linked to regulatory pressure around the Binance brand. He said Binance.US remains a separate U.S.-only business with its own governance, although it shares a brand name and beneficial owner with Binance.com.
Binance.US sets a 20% market share target
In an interview published by CoinDesk, Gregory said Binance.US once controlled about 20% of the U.S. exchange market. The company wants to return to that level by attracting retail traders and improving prices through stronger order-book liquidity.
The target places Binance.US in closer competition with Coinbase and Kraken, which expanded their positions while the platform dealt with legal pressure and reduced services. Gregory said the exchange contacted its largest customers directly to ask what would bring them back.
Lower trading fees lead the liquidity push
Binance.US has made low fees a central part of its comeback plan. The exchange introduced 0% maker fees and taker fees of 0.02% or less across more than 250 spot trading pairs in April. Select pairs offer a 0.01% taker fee.
Gregory called the platform “essentially almost a no-fee exchange.” He said incentives and lower costs could encourage more orders, narrow spreads and improve trading conditions. As previously reported, Binance.US cut spot fees in April as it sought to challenge Coinbase and Kraken on price.
Derivatives and prediction markets remain on the roadmap
The exchange also plans to move beyond spot crypto trading. Gregory said Binance.US may seek licenses for derivatives, perpetual futures and prediction markets as U.S. agencies expand oversight of digital asset products.
Those products are not yet available through the platform, and their launch depends on regulatory approval. Binance.US lists spot trading, conversion, over-the-counter services and staking among its main products. The company also operates under state and federal registration requirements, with some services restricted by location.
Gregory said a broader product range could create new revenue sources as trading fees fall. He also identified custody as a possible source of income. The company has kept a lean workforce while rebuilding its offering.
Regulatory changes support the rebuilding effort
Stephen Gregory became Binance.US CEO on March 9, replacing Norman Reed, who stayed as an adviser.The company selected the compliance executive as it moved from stabilizing operations toward renewed growth.
Moreover, the regulatory backdrop has changed since the platform lost access to some banking services in 2023. Binance.US restored U.S. dollar deposits and withdrawals for most supported states in February 2025. The SEC later dismissed its civil lawsuit against Binance, Binance.US and founder Changpeng Zhao in May 2025.
The exchange still faces the task of rebuilding market depth and customer trust. Its official support pages show that some U.S. states remain unsupported or offer crypto-only services because approvals differ by location.
Gregory said Binance.US wants to bring more liquidity linked to the Binance brand to U.S. customers. “The best customer protection is competition,” he said. The 20% target depends on whether lower fees, new licenses and additional products can restore trading activity.
Patrick Witt, the White House’s pointman on the Digital Asset Market Clarity Act, is taking a leave of absence at the end of July for several months of military training, Crypto In America reported.
Witt, who has served as the executive director of the President’s Council of Advisors for Digital Assets since August, is expected to wrap up his work on July 24 before reporting for Judge Advocate General (JAG) training with the Georgia Army National Guard. The training will qualify him to serve as a legal officer in the Guard, the report wrote.
“Patrick has always been forthcoming and honest with every stakeholder that he was taking military leave later this month,” said Cody Carbone, CEO of Digital Chamber, on Tuesday.
The move comes as the CLARITY Act, which would create the first comprehensive US regulatory framework for the crypto market, faces a narrow window to pass the Senate before lawmakers begin the Aug. 8 recess, which many see as a critical deadline for the bill.
Source: Patrick Witt
Cointelegraph reached out to the White House and Patrick Witt for comment.
Related: CLARITY Act gains second law enforcement endorsement before Senate push
Witt has been instrumental in advancing negotiations between the crypto and banking industry representatives over certain aspects of the crypto market structure bill, including stablecoin yield and disputes over ethics provisions.
In Witt’s absence, the President’s Council of Advisors for Digital Assets’ deputy director, Harry Jung, is expected to take on his responsibilities, though Witt intends to remain involved in the process during his military training, according to sources who spoke with Crypto In America.
Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?
The U.S. government transferred nearly $297 million in seized Bitcoin and Ether to Coinbase Prime on Monday, according to blockchain data.
Summary
- U.S. government wallets transferred nearly $297 million in seized Bitcoin and Ether to Coinbase Prime.
- The Bitcoin movement renewed questions about compliance with Trump’s strategic reserve order banning government sales.
- Coinbase Prime supports custody and trading, so the transfers do not prove an immediate liquidation.
The move renewed questions about how federal agencies plan to handle crypto covered by President Donald Trump’s reserve policy.
The transfers included about 3,940 BTC worth roughly $244 million and around 30,000 ETH valued near $53 million at the time. Arkham’s government wallet tracker recorded the movements, although changing market prices can alter their dollar value.
Seized Bitcoin and Ether reach Coinbase Prime
Galaxy Research head Alex Thorn linked the Bitcoin to seizures involving Ryan Farace, known online as “Xanaxman,” and the closed BTC-e exchange.
“These coin movements were comprised of coins seized from Ryan Farace and defunct crypto exchange BTC-e,” Thorn said.
The Ether came from wallets tied to Brian Krewson, an Oracle employee connected to a federal case involving crypto storage and money laundering. The transfers brought assets from several enforcement cases into an institutional platform used by government agencies and large investors.
Transfer does not confirm a government sale
A deposit to Coinbase Prime can allow trading, but it does not prove that officials plan to sell the assets. Coinbase Prime provides custody, execution, financing and staking services. Federal agencies may use the platform to consolidate wallets or move assets into managed custody.
The U.S. Marshals Service selected Coinbase Prime in 2024 to safeguard and trade certain forfeited digital assets. Government wallets have since sent funds to the platform several times. As reported by crypto.news, authorities moved nearly $984,000 in FTX and Alameda-linked crypto in June, with about $768,000 reaching Coinbase Prime.
Trump reserve order limits Bitcoin sales
Trump’s March 2025 executive order created a Strategic Bitcoin Reserve and a separate stockpile for other digital assets. The order says Bitcoin placed in the reserve “shall not be sold” and must remain a U.S. reserve asset.
The order also allows some exceptions under existing law. Agencies may return assets to verified victims, use them for law enforcement work or follow a court order. Ether and other non-Bitcoin holdings fall under the separate digital asset stockpile, where the Treasury can set stewardship plans within its legal authority.
Reserve structure remains unsettled
The latest movement comes while federal agencies still debate who should manage the Bitcoin reserve.Treasury and Commerce have discussed control of seized BTC while officials review custody, legal authority and the need for new legislation.
Government-linked wallets still hold about $20.5 billion in crypto, based on current tracker estimates. Bitcoin accounts for most of the total, with roughly 325,000 BTC. The wallets also hold Ether, Tether, wrapped Bitcoin and other seized assets, although public trackers may not identify every federal address.
The recorded balance can change quickly because crypto prices move throughout the day. It can also change when courts order restitution, agencies transfer custody, or investigators identify new wallets. Public dashboards therefore provide estimates rather than a complete official federal accounting.
The Monday transfers ranked among the largest government-linked moves to Coinbase Prime in 2026. In April,a federal wallet sent 2.438 BTC from a separate criminal case to the platform.
On-chain records show where funds moved, but they do not reveal the government’s final instructions to Coinbase Prime. A confirmed sale would require further wallet activity, trading records or an official statement. Until then, the transaction remains a custody or asset-management move rather than proof of liquidation.
A solo bitcoin miner recently hit the jackpot in a lottery-like stroke of luck, turning a modest investment into an outsized gain.
The miner equipped with a small, hobbyist-grade device called a Bitaxe recently struck Bitcoin block number 957,382 and walked away with 3.1382 BTC, worth roughly $200,000.
The miner was running the rig for just eight hours through the Public Pool service. His average hash rate? A measly 995 GH/s, or about 1 terahash per second.
This marks the second time a single Bitaxe has solo-mined a block on Public Pool.
Data tracking handle Public Pool posted the win on X.
What is a Bitaxe?
It’s an open-source, credit-card-sized ASIC miner powered by the same Bitmain BM1370 chip found in massive industrial Antminer S21 machines. The Bitaxe Gamma version pumps out 1 to 1.3 TH/s while using just 15-21 watts of power. You can buy one for $60 to $150.
Think of it as the mining equivalent of winning the lottery with a scratch-off ticket from a gas station.
Solo mining is having a moment
This isn’t the first time a solo miner has made big gains on a small investment.
The Digital Asset Market Clarity Act has secured support from a second law enforcement organization before a Senate push.
Summary
- FLEOA backed the CLARITY Act while requesting tighter accountability rules for decentralized finance platforms nationwide.
- The endorsement follows NOBLE’s support, giving the bill two major law enforcement backers before recess.
- Senators face an August deadline as disputes over developer protections and investigative powers remain unresolved.
The Federal Law Enforcement Officers Association said it supports H.R. 3633 but wants lawmakers to revise several provisions before passage.
In a July 10 statement, FLEOA said the bill “represents meaningful progress” toward balancing digital asset development with public safety. The group represents more than 34,000 active and retired federal officers across over 65 agencies.
FLEOA backs the bill but seeks DeFi changes
FLEOA asked the Senate Banking Committee to make accountability clearer in decentralized finance, or DeFi. It also wants language that prevents companies from avoiding regulation by presenting controlled services as decentralized. The association urged senators to replace the bill’s “specific intent” test with an existing knowledge standard.
The group also asked Congress to state clearly that the legislation does not reduce current federal investigative powers or block lawful court processes. FLEOA said agencies must retain authority covering criminal cases, anti-money laundering rules, sanctions and counterterrorism financing. National President Mathew Silverman said officers need tools to investigate complex financial crimes.
Endorsement adds to a divided law enforcement debate
The support follows the National Organization of Black Law Enforcement Executives’ endorsement earlier in July. As previously reported, NOBLE became the first major law enforcement group to publicly back the bill.
Ji Kim, CEO of the Crypto Council for Innovation, said FLEOA’s position showed the measure was strong on consumer protection and law enforcement.
Other organizations have raised concerns about Section 604. The provision would protect some software developers and non-custodial service providers from being treated as money transmitters when they do not control customer funds. As reported by crypto.news, four law enforcement groups warned that broad protections could make some crypto crime investigations harder.
In addition, the Department of Justice later challenged parts of those claims.The agency viewed some warnings about lost enforcement powers as inaccurate. The Major County Sheriffs of America also moved from opposition to a neutral position after further talks over Section 604.
Senate faces a narrowing August window
The Senate’s published 2026 schedule places its August state work period from Aug. 10 through Sept. 11. That leaves Aug. 7 as the final scheduled session day before the break. As of July 14, the Senate’s public floor schedule did not list a vote on the CLARITY Act.
President Donald Trump urged the Senate to pass the measure on July 13, linking the appeal to the late Senator Lindsey Graham.The request came as negotiators worked to complete a merged draft before recess.
Senator Cynthia Lummis said on July 8, “This is likely our last chance to get real legislation for digital assets on the books before 2030.” She warned that other countries could set the rules if Congress fails to act.
Senate staff still need to align Banking and Agriculture Committee language before a final floor vote. The bill also needs bipartisan support to clear the Senate’s 60-vote threshold.
FLEOA’s endorsement gives supporters another law enforcement voice during negotiations. Its requested revisions show that questions over DeFi accountability, developer protections and investigative authority remain active before the scheduled summer break.
A new poll shows 79% of Americans bracing for a long US war with Iran. This comes as President Donald Trump told Congress that military action resumed on July 7, a move that frees the military for 60 more days without congressional approval.
The shift lands months before November’s midterms, where pump prices could cost Republicans their grip on Congress.
Most Americans Now Expect a Long War With Iran
The Reuters/Ipsos poll surveyed 1,019 US adults over three days, closing Sunday. Only one in five, 18%, still expect the fighting to end within weeks. The rest see no quick exit.
Furthermore, only 37% backed the strikes, which restarted on June 26 after Washington blamed Tehran for hitting commercial ships.
Earlier surveys told a similar story. A Financial Times poll found 58% of voters judged the war not worth the cost. A separate Generation Lab survey of adults aged 18 to 34 found 77% called the strikes on Iran the wrong move.
Hormuz Blockade Reignites Market Fears
On Monday, Trump vowed to seal off Iranian ports near the strait and skim 20% off every cargo passing through. Tehran had already called the channel shut.
“The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran… The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT’… reimbursed, at the rate of 20% on all cargo shipped,” he said.
Follow us on X to get the latest news as it happens
Traders moved quickly. Crude climbed roughly 4%, and Bitcoin (BTC) slid to around $62,600 amid fears the chokepoint will remain snarled for a while.
The poll also revealed that 6 in 10 respondents expect gasoline to be costlier over the coming year. Pump prices already sit near $3.87 a gallon, far above where they stood before the war.
Meanwhile, the war has weighed on Trump’s standing. He has claimed a 59% approval rating, yet the New York Times tracker pegs him closer to 39%.
The stakes climb as the November midterms near. His sinking approval adds to the pressure on Republicans, who risk losing the House and possibly the Senate in November.
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The post 4 in 5 Americans Expect US-Iran War to Drag On, Survey Finds appeared first on BeInCrypto.
Binance has released its 44th proof-of-reserves report, showing that customer Bitcoin holdings increased during June while Ethereum and Tether balances declined.
Summary
- Binance users raised Bitcoin holdings 1.22%, adding 7,715 BTC during June, the latest snapshot showed.
- Ethereum and Tether balances declined, while Binance continued publishing monthly reserve data for customer verification.
- Reserve snapshots show account balances, but they cannot explain whether users bought, sold, or withdrew.
The report used a snapshot taken on July 1 and compared the figures with customer balances recorded on June 1.
Customer Bitcoin holdings rose 1.22% to about 640,000 BTC, an increase of 7,715 BTC. Ethereum holdings fell 1.41% to around 4.08 million ETH, a decline of 58,591 ETH. Customer Tether holdings dropped 1.51% to about 33.7 billion USDT, falling by roughly 510 million USDT.
Binance customer Bitcoin holdings continue rising
The July figures extend the rise in customer Bitcoin balances reported one month earlier. Binance users added 25,838 BTC in May, lifting their total holdings by 4.26% to about 630,000 BTC in the exchange’s 43rd proof-of-reserves report.
The latest increase was smaller than the previous month’s gain, but it kept customer BTC balances moving higher. The report does not show whether the change came from purchases, deposits, transfers between Binance services, or movements from other assets. It records balances at one point in time rather than individual customer activity.
Ethereum and USDT balances decline
Ethereum moved in the opposite direction after recording a strong increase in the previous report. Customer ETH holdings had risen 10.17% in May to about 4.14 million ETH. The July snapshot showed that the total fell by 58,591 ETH during June.
USDT balances also declined for a second monthly report. Binance users held about 34.3 billion USDT in the June 1 snapshot after balances fell by roughly 460 million tokens in May. The latest decrease brought the total to about 33.7 billion USDT. Lower stablecoin balances do not confirm that users converted USDT into Bitcoin or withdrew funds.
A similar pattern recently appeared at other major exchanges. As reported by crypto.news, Bybit and OKX recorded higher customer Bitcoin holdings while USDT balances fell in their latest reserve snapshots. However, the reports did not identify the reasons behind the balance changes.
Binance says customer assets remain backed
Binance states on its proof-of-reserves page that it holds customer assets on a 1:1 basis, along with additional reserves. The exchange uses Merkle Trees and zero-knowledge proofs to let customers check whether their account balances were included in the total liabilities covered by each report.
A proof-of-reserves report can show whether listed wallets hold assets linked to customer balances at the time of a snapshot. However, it does not provide a complete financial audit or explain every off-chain liability. A recent proof-of-reserves explainer noted that useful disclosures should remain recent, frequent and matched against customer liabilities.
The figures should therefore be read as a record of asset backing and customer balances on a specific date. They do not show the exchange’s complete financial position or the reasons customers moved assets between accounts, platforms or private wallets.
Report follows braoder changes at Binance
The latest reserve report arrived after a month of active derivatives trading. Binance recorded about $1.63 trillion in futures trading volume during June, its highest monthly total of 2026, according to CryptoQuant data.
Binance also introduced service changes for some European users when the European Union’s MiCA transition ended on July 1. As previously reported, the exchange said affected users could continue using options already communicated to them, including withdrawals where available. The date matched the snapshot used for the latest reserve report.
Earlier reserve rankings placed Binance ahead of other major exchanges. As reported by crypto.news, CoinMarketCap data ranked the platform first in January 2026 with about $155.6 billion in proof-of-reserve assets. The July report adds a new monthly view of customer balances, with BTC rising while ETH and USDT moved lower.
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