Cryptodigest July 7: Trump confessed his love for Bitcoin because of China, while the Ministry of Finance and the Ministry of Trade argue over reserves
The market starts the day with a slight correction. Bitcoin (BTC) is trading near $63,114, with the asset fluctuating in a range between $61,275 and $64,597 over the past 24 hours. Ethereum (ETH) is also showing a downward trend, sitting at $1,764.
Among the top 10 by market cap, TRON stands out, gaining 0.32% in the last day. Ethereum holds a steady weekly gain (+11.11%). The day's laggard is Dogecoin, which lost 3.44%. However, it is important to note that all coins in the top ten are ending the week in the green, indicating a continued bullish sentiment.
Among the top 100 assets, the 24-hour growth leader is DeXe (+10.67%), and for the week, it's MemeCore with an impressive jump of 90.78%. At the same time, the biggest losses were recorded for Venice Token (-13.91% for the week), pointing to high volatility in the altcoin segment.
Trump: From Skeptic to Crypto Enthusiast
Former US President Donald Trump made an unexpected admission. At a press conference in the Oval Office, he stated that his interest in cryptocurrencies is largely driven by geopolitical considerations. According to him, if the US does not develop this sector, China will seize the initiative. Trump previously called Bitcoin a "scam," but now his family has built a multi-billion dollar crypto business, and the politician himself earned over $1.4 billion from digital assets last year.
US Bitcoin Reserve: Bureaucratic Hurdles
The Trump administration's plans to create a strategic Bitcoin reserve have encountered unexpected difficulties. According to insider sources, a dispute has erupted between the Treasury Department and the Commerce Department over which agency should manage the reserve. A March 2025 executive order stipulated placing the assets in the Treasury, but doubts have now arisen about its authority to manage such a volatile asset. The Commerce Department is actively vying for this role. It's worth recalling that the US already holds 328,372 BTC (approximately $21.1 billion), the largest state stockpile in the world.
Former Tether Head Sells Stake
Richard Heathcott, former Chief Investment Officer of Tether, plans to sell part of his stake in the company (1.26%). This deal could provide a rare opportunity to glimpse into the ownership structure of the USDT issuer, which remains private despite its enormous profitability. The sale comes amid regulatory pressure in Europe: many exchanges with a MiCA license have begun delisting USDT after Tether refused to comply with the requirements of the European regulation.
My Expert Opinion: Trump's admission is a powerful political signal that could accelerate the adoption of cryptocurrencies at the state level. However, the bureaucratic red tape surrounding the reserve and Tether's retreat from Europe remind us that the path to institutional recognition will be thorny. Investors should closely monitor developments in Washington and Brussels — these decisions will determine the market's direction for the coming quarters.