The FBI reports that Americans lost a staggering **$11.366 billion** to crypto-related scams in 2025, with **cryptocurrency fraud** now accounting for over half of all internet crime losses. The agency logged **181,565 crypto complaints**, and a growing portion of the damage is linked to **Bitcoin ATMs**, which generated **$389 million in losses** across 13,460 complaints. **Seniors aged 60 and older** were hit hardest, losing **$257.4 million** through these kiosks.

## A Record Year for Crypto Fraud

The FBI’s Internet Crime Complaint Center (IC3) released its 2025 Annual Report on April 6, 2026, revealing that total internet crime losses exceeded **$20 billion** for the first time. Crypto losses alone topped **$11.366 billion**, making it the dominant category. "By the time a victim is at a kiosk, they are already deep in the scammer’s trance," said CertiK’s Stefan Muehlbauer, as regulators crack down.

## Investment Scams Dominate, but Kiosks Are Rising

The largest chunk of losses came from **crypto investment fraud**, totaling **$7.2 to $7.228 billion** across roughly 61,559 complaints—a **25% increase from 2024**. However, kiosk-related losses surged **58% year-over-year**, prompting cities to act. Spokane, Washington, became the largest U.S. city to **ban all crypto ATMs** in June 2025, citing widespread fraud. Spokane Valley followed in May 2026, noting at least **10 documented cases of significant financial loss** and **one confirmed suicide** linked to kiosk scams.

## Legal Action and Prevention Efforts

In Washington, D.C., Attorney General Brian Schwalb sued **Athena Bitcoin Inc.** in September 2025, alleging that **93% of deposits** at its local Bitcoin ATMs were scam-driven, with undisclosed fees up to **26%**. Meanwhile, the FBI’s **Operation Level Up** notified 3,780 potential victims in 2025, preventing an estimated **$225.9 million** in losses. The program has prevented over **$500 million** since its 2024 launch. With **30,433 Bitcoin ATMs** in the U.S. as of mid-2025—about **80% of the global total**—the challenge remains immense.

The FBI claims Americans lost $11.366B to crypto scams in 2025 as Bitcoin ATM fraud drives bans, lawsuits and tougher oversight.

Americans Lost $11.4B to Crypto Scams in 2025: Bitcoin ATMs Become a Hotbed for Fraud

## Bitcoin Hits Five-Week High Above $66,400

Bitcoin (BTC) surged to a **five-week high** above $66,400 on Tuesday, extending its 24-hour gain to nearly 3%. The rally is driven by **renewed optimism** around the Clarity Act and strong inflows into spot Bitcoin ETFs.

### Clarity Act Progress Boosts Sentiment

Progress on the **Clarity Act** is a major catalyst. Reports that President Trump agreed to a key ethics provision have boosted the odds of the bill's passage to nearly 50% on Polymarket. This has lifted crypto-related stocks like Coinbase (COIN) and Circle (CRCL), each up about 9%.

### Bitcoin ETFs See Sustained Inflows

U.S. spot Bitcoin ETFs pulled in **$227 million** on July 20, marking a fifth consecutive day of net inflows—the longest streak since late April. Over the past week, ETFs have attracted roughly **$727 million**, the most sustained buying since the record outflows of June. Total Bitcoin ETF assets have climbed back to about **$79 billion**.

### Market Overview

Bitcoin's advance comes as U.S. stocks are set for sizable opening gains, led by the Nasdaq's 1.2% advance. Despite ongoing geopolitical tensions with Iran and rising oil prices, markets are looking past the conflict. However, **hedge funds are dumping tech stocks** at the fastest pace in a decade, which could impact the risk-on backdrop for crypto.

### Key Developments

- **Twenty One Capital (XXI)** sheds 9% as CEO Jack Mallers departs; merger with Strike collapses.
- **Telegram** plans to launch a self-custody crypto wallet for its nearly 1 billion users.
- **Movement Labs** files for Chapter 11 bankruptcy after pivoting to cross-border payments.
- **Grayscale** hires Sebastian Pulido to lead onchain asset management.
- **Schwab** says crypto markets may be starting to reward fundamentals over hype.

### Fed Rate Hike Odds Rise

Odds of a July rate hike have risen to 22% from 12% a week ago, and odds of a hike by September have jumped to about 70%. Despite this, Bitcoin continues its rise, now more than 15% above the June low.

### What to Watch

This week brings Big Tech earnings from Alphabet, Tesla, and Intel, which will show whether AI spending—a trade Bitcoin has moved with—is still climbing. The Fed meets July 28-29, and the return of the ETF bid is a positive sign for sustained momentum.

Bitcoin ETFs have pulled in roughly $727 million over the past week, the most sustained stretch of buying since the record outflows of June.

Bitcoin Surges Past $66K: Clarity Act Hopes and ETF Inflows Fuel Rally

Nigel Farage and his right-wing **Reform UK** party are engulfed in a major scandal following revelations of massive, undeclared crypto donations from billionaire **Christopher Harborne**, the founder of Tether. The controversy has forced Farage to resign from Parliament and campaign for his seat in a by-election, which he frames as a battle against "the establishment."

## The Harborne Connection

Harborne provided a personal gift of **£5 million ($6.7m)** to Farage, plus **£25 million ($33.6m)** directly to Reform UK. The donations have triggered both **criminal and parliamentary investigations**, focusing on Farage's ties to Tether, a "stablecoin" widely linked to **drug cartels, fraud, and human trafficking**—claims Tether disputes.

## Political Fallout

According to **Sam Power**, a political financing expert at the University of Bristol, "Farage and Reform are in a significant amount of trouble." While Reform holds about **20% of the British vote** solidly, the remaining **10%** needed to win elections is "already melting away" due to the scandal. Other major parties have dismissed Farage's by-election bid as a stunt, leaving him to face satirical candidate **Count Binface** as his main opponent.

## Crypto's Political Influence

The scandal highlights the growing influence of cryptocurrency in politics. **Economist Frances Coppola** notes that crypto's political underpinnings are **anarcho-capitalism**, rejecting central bank control. This ideology attracts far-right and libertarian politicians like Farage. **David Gerard**, author of the Pivot to AI blog, warns that "crypto remains the currency for fraud," pointing to Tether's role in enabling **human trafficking in Southeast Asia**.

## Broader Implications

Experts express concern over crypto's potential to corrupt democratic processes. **Lucy Harley-McKeown** of Project Glitch warns about politicians too close to crypto, citing the US example of **Fairshake**, a crypto-funded PAC that swings elections, and President Trump's **$1.4 billion in crypto income**. She suggests a "**Farage Coin**" could be next.

Farage denies undue influence, claiming the £5 million was a personal gift. However, with investigations ongoing, the scandal raises urgent questions about **money in politics** and the **regulation of cryptocurrency**.

Farage’s crisis after revelations of substantial crypto donations prompts broader political questions over donor clout.

Crypto Cash Scandal Rocks Farage and Reform UK: Is Democracy for Sale?

Bitcoin has struggled through 2026, failing to maintain the heights of over $126,000 per bitcoin reached last year. The bitcoin price has lost more than 50% since October, but a Federal Reserve surprise flip could be about to change that.

Now, as the chief executive of the world’s largest asset manager, BlackRock, issues a 12-month bitcoin price prediction, a closely-watched analyst has said he expects the fleet of bitcoin exchange-traded funds (ETFs) will likely mean the bitcoin price “mirrors” gold’s history of “triumph and pain.”

![Bitcoin price chart](https://imageio.forbes.com/specials-images/imageserve/65d9e250fa2ec476574d12e6/bitcoin--bitcoin-price--crypto--gold--BlackRock--bitcoin-price-prediction--image/0x0.jpg?width=960)

**Gold ETFs’ 22-year history may offer the closest roadmap yet for bitcoin ETF investors**, according to Bloomberg Intelligence ETF analyst Eric Balchunas. The gold price has rocketed to give gold a market capitalization of almost $28 trillion since the arrival of gold ETFs in 2004.

“Both are wrappers around non-yielding stores of value that generate no cash flow, leaving investor sentiment—not earnings, coupons or government support, as with stocks and bonds—to drive performance,” Balchunas wrote.

Balchunas pointed to gold seeing “both extremes” over the last two decades, “briefly becoming the world's largest ETF before spending eight years in doldrums trying to get back to that place.”

Bitcoin ETFs “may be following the same script: **spectacular gains, painful drawdowns and recoveries** that may test investors’ patience,” Balchunas said, adding that, “each cycle for gold ETFs has increased the high water mark.”

The spot bitcoin ETF debut, coming in early 2024 after more than 10 years of campaigning by crypto investors, saw a handful of bitcoin funds become some of the fastest growing of all-time as Wall Street rushed to gain exposure to bitcoin.

Earlier this month, analysts with the Bitfinex exchange warned a “shock” ETF outflow could be about to torpedo the bitcoin price recovery, which has climbed by almost 10% since plunging to lows of under $57,000 in early July.

BlackRock’s IBIT, the largest bitcoin fund by net assets that dominates the bitcoin ETF field, has sold almost 100,000 bitcoin in recent months to meet redemption requests, now holding just over 733,000 bitcoin worth just under $50 billion on behalf of investors.

“I feel like there’s a spiritual parallel between gold and IBIT,” Balchunas said. “Gold got so popular so quickly that for one day in 2011 it was bigger than SPY [the SPDR S&P 500 ETF Trust], the biggest ETF in world. Then it went out of favor for years. IBIT, similarly reached $100 billion in assets for one day … and that ended up being the October [2025] top. Both have almost new supply and so when the demand comes it can cause price explosions. Problem is that demand can be fickle and come in waves vs steady.”

For now, bitcoin and crypto traders are confident that demand for bitcoin exposure via ETFs is showing resilience, helping to dampen the bitcoin price decline in recent months.

“Institutional demand remains one of bitcoin’s key pillars,” Simon-Peter Massabni, head of business development at XS.com, said in emailed comments. “Spot bitcoin ETFs continue to attract steady investment inflows, while an increasing number of companies are incorporating digital assets into their portfolio diversification strategies. This institutional interest has helped ease the selling pressure observed during the latest market pullbacks.”

Bitcoin could be headed for a $27.9 trillion game-changer...

Bitcoin Could Skyrocket Like Gold: Analyst Predicts 'Spectacular' Price Explosions

Traders should keep a close eye on a potential **bitcoin 'volmageddon'** — a volatility surge often accompanied by price declines. This warning comes from the behavior of bitcoin's **30-day implied volatility index (BVIV)**, the crypto equivalent of Wall Street's VIX.

Currently, the BVIV is hovering between **34% and 38%**, a range that historically has preceded a **volatility boom and a price slide**. For example, when the index hit this zone in late May, bitcoin dropped from **$74,000 to under $60,000** in less than a week. Similar patterns occurred before the early February crash and after the October record highs.

While past patterns don't guarantee future performance, volatility metrics are **mean-reverting**. The index is trading below both its **30-day and 200-day simple moving averages**, suggesting volatility is relatively "cheap" and likely to rise, bringing another round of turbulence.

Bitcoin currently trades just above **$64,000**, maintaining a range-bound price action. Spot ETF inflows have been noted, but they are tiny compared to the billions withdrawn during the preceding eight-week outflow streak.

Global volatility gauges offer mixed signals: South Korea's KOSPI VIX is above **70%** (highest since the 1990s), while Wall Street's VIX jumped to **18%**. However, these levels have persisted for months, indicating stocks are not panicked. The **MOVE index** (U.S. Treasury volatility) remains steady around **70%**, offering a constructive cue for risk assets.

![BVIV vs Bitcoin Price](https://cdn.sanity.io/images/s3y3vcno/production/fde01a26334153e5b4811a93ac1eccb23747bfab-2854x1488.png?auto=format)
*Bitcoin volatility may be set to surge, price poised to slide if history is a guide. (TradingView)*

**Today's Signal:** The chart shows bitcoin's price swings (blue line) and BVIV in candlestick format. BVIV has established a **support range in the 34%–38% area**, and each drop into this zone has tended to precede fresh turbulence and price weakness. Currently, BVIV is around **38%**, near the upper edge of that range.

Bitcoin 'Volmageddon' Warning: Key Indicator Flashes Red for BTC Price

For the second consecutive week, Michael Saylor's **Strategy** has padded its cash reserves without selling a single Bitcoin. The firm sold **2,732,318 MSTR shares** between July 13–19, netting **$263.5 million**, bringing its **USD Reserve** to **$3.225 billion**.

## Stock Sales Over Bitcoin Sales

The company continues to use its **at-the-market equity program** to raise cash, mirroring last week's $466.7 million raise. This approach protects its **843,775 BTC** stash—roughly **4% of Bitcoin's fixed supply**—while funding dividend payments and debt obligations for preferred shareholders.

## Who Gets Paid First?

**Preferred shareholders**—investors in securities like STRC, STRK, STRF, or STRD—collect regular dividends before **common stockholders** receive anything. By issuing new MSTR shares, Strategy dilutes common shareholders to keep preferred investors happy.

## Peter Schiff's Criticism

**Peter Schiff**, a longtime Bitcoin skeptic, called the move "needlessly sacrificing common shareholders" and suggested Strategy fears selling BTC would crash the market. He argued there's "no excuse for purposely creating a negative Bitcoin yield."

## Market Implications

Strategy's weekly cash updates are a **de facto signal** for crypto markets. Its BTC holdings were acquired at an average price of **$75,476**, leaving an **unrealized loss of ~$9.6 billion** at current prices. The USD Reserve has grown by **$675 million in two weeks**, all from stock sales.

## Future Outlook

Michael Saylor previously stated Strategy would "probably buy all the Bitcoin produced by miners between here and the year 2140." However, prediction markets suggest it's unlikely to hold **1M BTC by 2027**.

For the second consecutive week, Saylor's company sold MSTR stock instead of BTC to pad its reserves to $3.2 billion.

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