Morning Crypto Market Overview for July 7: Trump Confesses Love for Bitcoin, Tether Loses Ground in Europe
The market started the day with a slight correction, but key events are unfolding on the political and corporate stage.
Market Dynamics: Bitcoin and Altcoins
Bitcoin (BTC) opened the morning of July 7 with a slight decline. As of 07:48 MSK, the asset is trading around $63,114 (≈₽4,860,989). Over 24 hours, the low was $61,275 and the high was $64,597. Ethereum (ETH) is also showing a downward trend, sitting at $1,764 (≈₽136,030).
In the top 10 by market cap, the best 24-hour performer is TRON (+0.32%), while Ethereum leads the week (+11.11%). The biggest 24-hour loss is Dogecoin (-3.44%). Notably, all coins in the top ten have increased in value over the week.
In the top 100, DeXe stands out with a 10.67% daily gain, while MemeCore surged 90.78% over the week. The worst 7-day result is Venice Token (-13.91%).
Trump: From Skeptic to Crypto Enthusiast
Former U.S. President Donald Trump publicly acknowledged that his interest in cryptocurrencies is fueled by political considerations. At a press conference in the Oval Office, he stated: if the U.S. doesn't engage with crypto, China will. Initially, Trump called Bitcoin a "scam," but over time, his family built a large-scale business in the crypto industry. At the same time, he claims he does not discuss their crypto activities with his family, despite earning over $1.4 billion from it in the past year alone.
U.S. Bitcoin Reserve: Bureaucratic Hurdles
The Trump administration's plans to create a strategic Bitcoin reserve have hit serious obstacles. The Departments of Commerce and Treasury are arguing over how the reserve should be structured and which agency will manage it. A March 2025 executive order mandated placing the reserve in the Treasury, but doubts have arisen about its authority to manage such a volatile asset. Now, the Commerce Department is vying for the role of manager. Recall that the U.S. already holds 328,372 BTC worth $21.1 billion—more than any other country.
Tether: Stake Sale and European Problems
Former Tether Chief Investment Officer Richard Heathcott plans to sell part of his stake in the company (1.26%). He left his post in March, transitioning to an advisory role. This deal could provide a rare glimpse into Tether's ownership structure, which remains private despite its enormous profitability. The sale comes amid regulatory pressure in Europe: exchanges with a MiCA license are delisting USDT, as Tether has refused to comply with European regulatory requirements.
My comment: Trump's statements are not just a political gesture, but a signal that cryptocurrencies are becoming part of a larger geopolitical game. A U.S. Bitcoin reserve could radically change the balance of power, but bureaucratic disputes are dragging out the process. As for Tether, the exit from Europe under MiCA pressure is a wake-up call for the entire stablecoin market. Investors should closely monitor developments.