The market opens with mixed signals. While Bitcoin is correcting, the US political arena introduces new intrigue, and one of the industry's key players prepares for a partial exit from Tether's capital. We analyze the key events of the morning of July 7.
Bitcoin and Ethereum: slight correction amid weekly growth
As of 07:48 Moscow time, the leading cryptocurrency is trading near the $63,114 mark, showing an intraday range from $61,275 to $64,597. Despite the morning decline, the weekly trend remains positive. Ethereum also started the day lower, at $1,764.
In the top 10 by market cap, TRON led daily growth (+0.32%), while Ethereum posted the best weekly result (+11.11%). The largest drop over 24 hours was recorded by Dogecoin (-3.44%). Notably, all coins in the top ten ended the week in positive territory. In the broader top 100 list, DeXe (+10.67% daily) and MemeCore (+90.78% weekly) stood out, although the latter saw a daily pullback of nearly 10%.
Trump: "Crypto will either be with the US or with China"
Former US President Donald Trump made an unexpected admission, explaining his transformation from a crypto skeptic to a supporter. At a press conference, he stated that the key motive was a geopolitical factor: if the US does not take a leading position in this field, China will. He previously called Bitcoin a "scam," but today his family has built an extensive crypto business. Trump himself, according to his statements, earned over $1.4 billion from the industry in the past year, although he claims he does not discuss their crypto activities with his family.
US Bitcoin Reserve: bureaucratic obstacles
The ambitious plan of the Trump administration to create a strategic Bitcoin reserve faces serious hurdles. The Treasury and Commerce departments cannot agree on authority. A March 2025 executive order stipulated placing the reserve within the Treasury, but doubts arose about its ability to manage such a volatile asset. Now, the Commerce Department is vying for the role of manager. Recall that the US is already the largest state holder of Bitcoin — 328,372 BTC (~$21.1 billion). This reserve is a cornerstone of the plan to turn the country into the "global crypto capital."
Former Tether director sells stake: a window into a closed structure
Former Tether investment director Richard Heathcott plans to sell part of his 1.26% stake in the company. This is a rare opportunity to glimpse the ownership structure of one of the most profitable yet still private giants in the crypto industry. The deal comes amid increased regulatory pressure in Europe: many exchanges with a MiCA license have already begun delisting USDT, as Tether has refused to comply with European regulation requirements. Heathcott's departure from his post in March and his transition to an advisory role only fuels interest in this deal.
My opinion: Trump's statements are a clear signal to institutional investors that cryptocurrency is moving from the category of a speculative asset to a tool of state policy. However, the bureaucratic war over the Bitcoin reserve shows that even with political will, the speed of implementing decisions in the US leaves much to be desired. The sale of a stake in Tether, on the other hand, could become a catalyst for disclosing information that has long concerned the market.