News
Stay up-to-date on the most trending topics in crypto with our professional and in-depth news.
David Sacks will lead the White House crypto summit, with Bo Hines administering, as announced by the White House.
Quick Take President Trump, on Truth Social, directed his crypto working group to “move forward” on a Crypto Strategic Reserve that includes SOL, XRP, and ADA. His announcement notably excludes Ethereum and Bitcoin, the two largest cryptocurrencies by market cap; the federal government already holds at least $17 billion in BTC, according to Arkham.
Quick Take A trader who used $6 million to open a 50x leveraged long position on both BTC and ETH made $7 million in 24 hours after Trump’s crypto reserve announcement caused crypto prices to pump. Notably, the trader closed their position before Trump’s announcement clarifying BTC and ETH would be included in the reserve, missing out on even more gains. At one point early Sunday morning, the price of ETH had to fall just $54 more to liquidate the trader’s long position.
Quick Take In a new Truth Social post, Trump said his planned U.S. Crypto Reserve will include Bitcoin and Ethereum “at the heart of the Reserve.” Trump announced Sunday morning that the Reserve would also include Cardano, Solana, and XRP. Trump’s crypto executive order signed in January referred only to the creation of a digital assets “stockpile,” which would have key differences to a reserve.
Quick Take President Trump’s announcement regarding a U.S. Crypto Strategic Reserve sent prices soaring across the crypto industry, boosting the total industry market cap by nearly 20% since its recent lows on Friday. Cardano, XRP, Trump’s memecoin, and Solana were the best performing coins over the past 24 hours; BNB rose the least out of the top 10 cryptocurrencies by market cap.
- 20:13All Three Major U.S. Stock Indexes Close HigherAccording to Jinse Finance, all three major U.S. stock indexes closed higher, with the Dow Jones up 0.53%, the Nasdaq up 0.25% to reach another record closing high, and the S&P 500 up 0.32%.
- 18:25Whale Closes ETH Short Position with 18x Leverage, Incurring $8.44 Million Intraday LossOdaily Planet Daily reported that, according to Lookonchain monitoring, as the price of ETH surpassed $3,300, the whale "0x2258," who had previously opened 18x leveraged short positions on ETH, closed all ETH short positions before being liquidated, incurring a daily loss of $8.44 million.
- 18:08World Liberty Financial Community Approves Proposal to Open Trading for WLFI TokenAccording to ChainCatcher, the World Liberty Financial community has approved the proposal to open WLFI token trading with a support rate of 99.94%. The proposal was released on July 9, recommending that WLFI tokens be made available for trading. Voting began on July 10 and concluded on July 17. The proposal aims to transition WLFI from a closed ecosystem to an open one, allowing tokens to be traded via peer-to-peer and secondary markets, thereby expanding the community’s channels for participating in governance processes.