The Genius Act is a US law aimed at establishing federal oversight for stablecoin issuers, setting rules for reserves, redemption rights, and licensing requirements.

What does the US GENIUS Act mean for stablecoins?

The Internal Revenue Service’s new Form 1099-DA, while designed to streamline 
tax reporting for cryptocurrency users, may inadvertently trigger audits due 
to incomplete cost basis data provided by exchanges, an expert warns. The 
&#8216;Phantom Gain&#8217; Trap The Internal Revenue Service (IRS)&#8217;s new Form 1099-DA, 
though well-intentioned, could unfairly target many cryptocurrency users for 
audits due […]

New IRS Crypto Form Could Trigger ‘Phantom Gains’ and Unwanted Audits, Expert Warns

In a fresh post to X on 21 July, long-time cryptoc sceptic and gold advocate 
Peter Schiff urged holders of Ethereum (ETH) to exit while prices hover “near 
the upper end of its trading range.” “If you own any, this is a great time to 
sell,” he wrote, adding that—painful though it was for him to admit—flipping 
the proceeds into Bitcoin “is a better trade than holding Ether.” Sell 
Ethereum, Buy Bitcoin Schiff doubled down when quizzed by followers. “It’s not 
[better] as far as I’m concerned. I’m just looking at the charts,” he replied, 
arguing that Ethereum’s narrative faces “more acknowledged competition” than 
Bitcoin’s digital-gold storyline. At pixel time Ether changes hands at roughly 
$3,650 while Bitcoin trades just above $118,000, putting the ETH/BTC ratio 
near 0.031—toward the lower half of its five-year range. Related Reading: 
Institutional Demand Surges As Ethereum Sets New Inflow Records Schiff 
contends the ratio’s weakness reflects a structural bear market for Ether 
against Bitcoin. “I think Ether is in a bear market in terms of Bitcoin, and I 
think it just had a bear-market rally,” he told one user who pressed him for 
fundamentals, concluding: “So if you want to own crypto, selling Ether to buy 
Bitcoin makes sense.” Not everyone was persuaded. Veteran cycle watcher 
TechDev responded drily, “Thank you for your service sir,” reposting Schiff’s 
February “party is over” call that preceded Bitcoin’s spring rally. A Familiar 
Refrain—And A familiar Outcome Schiff’s latest chart-based admonition follows 
a string of bearish milestones that have mis-timed every major leg of 
Bitcoin’s secular advance. On 25 February he declared, “Turn out the lights, 
the #Bitcoin 100K party is over… the bear market is just getting started.” 
Less than five months later, Bitcoin still hovers comfortably above $118,000. 
Related Reading: Ethereum Open Interest Explodes To $28 Billion—Altcoin 
Rotation Begins: QCP Only a month after that February warning he predicted a 
full-blown crash to $10,000 once gold reaches $5,000, reasoning that Bitcoin 
would capitulate “95 % from its 2021 peak.” In late 2023 he ran a Twitter poll 
and concluded—contrary to the vote—that Bitcoin would “crash before the ETF 
launch.” Spot ETFs were approved in January 2024; Bitcoin never looked back. 
Back in November 2018, with Bitcoin trading at $3,800, he insisted it could 
“easily drop another 80 % from here, and at $750 it would still be expensive.” 
The rest is history. Now, Schiff argues that Ethereum’s smart-contract 
dominance is eroding as Layer-1 competitors gain mind-share and as regulators 
inch toward approving other altcoin spot ETFs. Whether the latest call joins 
the growing archive of ill-timed bearishness will turn on the ETH/BTC cross. 
If altcoin rotation doesn’t continue, Schiff may finally chalk up a win; if 
the ratio rolls over, his chart-reading case for a relative trade into Bitcoin 
will be vindicated even as his absolute bear thesis remains unproven. For now, 
the market is reserving judgment. At press time, Ether traded at $3,677. 
Featured image created with DALL.E, chart from TradingView.com

‘Sell Ethereum, Buy Bitcoin’: Peter Schiff Makes Surprising Crypto Call

Nubank, one of the largest neobanks in Latam, has announced that it has 
launched a new version of its previously abandoned Nucoin loyalty program. The 
tokens issued will be registered in a blockchain, but won&#8217;t be able to be 
traded. Nubank Launches New Version of Nucoin Loyalty Program Nubank, a Latam- 
focused neobank institution, has decided […]

Nubank Announces New Nucoin Loyalty Program

BNB&#8217;s rise highlights growing institutional interest in altcoins, potentially 
reshaping crypto investment strategies and market dynamics.
The post BNB hits new all-time high above $800 appeared first on Crypto 
Briefing.

BNB hits new all-time high above $800

As Bitcoin (BTC) consolidates near the $119,000 mark following a new all-time 
high (ATH) above $123,000 last week, several on-chain indicators are 
presenting a mixed picture regarding the cryptocurrency’s next major move. 
Bitcoin On-Chain Data Shows Mixed Outlook According to a CryptoQuant Quicktake 
post by contributor Chairman Lee, BTC exchange reserves have risen noticeably 
since late June. This sharp uptick suggests increased profit-taking activity, 
which could weigh on BTC in the short-term. Large holders and miners have also 
been ramping up their deposits since July 18. However, overall inflows to 
centralized exchanges remain relatively low compared to the levels observed 
during major market tops earlier this year. Related Reading: Bitcoin Rally 
Ahead? DXY Breakdown Suggests Capital Shift To Risk-On Assets Meanwhile, the 
Unspent Transaction Output (UTXO) count continues to decline &#8211; a trend often 
interpreted as a sign of long-term accumulation. Investors appear to be 
consolidating their coins, reducing active transactions and indicating strong 
conviction in Bitcoin’s long-term potential. For context, a declining UTXO 
count typically reflects reduced short-term selling pressure as holders move 
BTC into fewer wallets rather than trading them. This behavior is commonly 
associated with an overall bullish market outlook. Chairman Lee also pointed 
out that institutional and exchange-traded fund (ETF) flows remain robust. 
Year-to-date (YTD), nearly $50 billion has flowed into Bitcoin investment 
products despite temporary pauses due to profit-taking. Data from SoSoValue 
shows that US-listed spot BTC ETFs have recorded four consecutive months of 
positive inflows, with more than $18 billion added since April 2025. 
Similarly, total net assets held by these ETFs now exceed $151.6 billion. Can 
BTC Still Eye $180,000 Target? From a technical standpoint, Chairman Lee 
highlighted the $116,400 area as the immediate support zone. The analyst 
remarked: A breakdown below this level could extend the correction toward 
$112K–$110K. On the upside, holding above $116K keeps the structure intact for 
another push toward $124K–$130K. The analyst emphasized that as long as 
Bitcoin defends the $110,000 level, the broader bullish trend will remain 
intact. Moreover, if ETF and institutional inflows gain further momentum, BTC 
could still reach the ambitious year-end target of $180,000. Related Reading: 
Bitcoin Set To Soar? Analyst Sees Fresh $2 Billion Liquidity Triggering Next 
Leg Up That said, some cautionary signs are beginning to emerge. On-chain data 
indicates that long-term holders are accelerating distribution, while short- 
term investors are entering the market in hopes of benefitting from further 
upside &#8211; behavior that has historically preceded local tops. On the contrary, 
the Bitcoin short-term holder Market Value to Realized Value (MVRV) suggests 
that there may still be room for further growth in BTC’s price. At press time, 
BTC trades at $119,241, up 0.9% in the past 24 hours. Featured image from 
Unsplash, charts from CryptoQuant and TradingView.com