The market started the week with a slight correction. Bitcoin (BTC) opened the morning of July 7 at $63,114, showing a daily range from $61,275 to $64,597. Ethereum (ETH) also edged down, trading around $1,764. However, the weekly dynamics are impressive: ETH gained 11.11%, while BTC saw much smaller gains, indicating a capital shift into altcoins. In the top 10, the best daily performer was TRON (+0.32%), and the worst was Dogecoin (-3.44%). In the top 100, DeXe led (+10.67% for the day), while MemeCore showed explosive weekly growth (+90.78%). The largest weekly decline was recorded for Venice Token (-13.91%). This is a classic sign of capital rotation: meme coins and niche projects are starting to attract speculators, while blue-chip assets consolidate.
Trump: "If not us, then China"
Former US President Donald Trump made an unexpected admission during a press conference in the Oval Office: he became a supporter of cryptocurrencies partly due to geopolitical considerations. "If the US doesn't get into this, China will," he stated. Previously, Trump called Bitcoin a "scam," but now he and his family have built an extensive crypto business, earning over $1.4 billion in the past year. At the same time, he claims he does not discuss their crypto activities with his family. In my view, this is purely a political move: Trump is trying to attract the crypto electorate while distancing himself from the family's financial risks.
US Bitcoin Reserve: A Bureaucratic Battle
The Trump administration's plans to create a strategic Bitcoin reserve have encountered serious bureaucratic obstacles. The Treasury and Commerce Departments are arguing over who should manage the reserve. A March 2025 executive order mandated placing it in the Treasury, but doubts arose about the department's authority to manage such a volatile asset. Now, the Commerce Department is vying for the role. The US already holds 328,372 BTC (approximately $21.1 billion) — more than any other country. This dispute could delay the plan's implementation for months, creating uncertainty for the market.
Former Tether Director Sells Stake
Former Tether Chief Investment Officer Richard Heathcote plans to sell part of his stake in the company (1.26%). He left his post in March and transitioned to an advisory role. The deal could lift the veil of secrecy over Tether's ownership structure, which remains private despite colossal profits. This comes amid regulatory pressure in Europe: many exchanges with MiCA licenses are already delisting USDT, as Tether has refused to comply with European regulatory requirements. I view Heathcote's move as an attempt to lock in profits before regulatory risks reduce the value of his stake.
My expert conclusion: The morning of July 7 shows that the market is in a consolidation phase with a clear tilt toward altcoins. Trump's political statements and bureaucratic delays surrounding the Bitcoin reserve create short-term uncertainty, but the long-term trend toward institutional adoption of cryptocurrencies remains unchanged. The sale of a stake in Tether is a signal that even insiders are preparing for tighter regulation.