The morning of July 7 brought a series of landmark events. Former skeptic Donald Trump admitted that China pushed him toward cryptocurrencies, the U.S. Treasury and Commerce Departments are delaying work on the national bitcoin reserve, and the former head of investments at Tether plans to sell part of his stake in the company. We break down the main trends.
Market: slight correction amid positive weekly trend
Bitcoin (BTC) started the day with a slight decline. As of 07:48 (Moscow time), the asset is trading at $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 slight correction, sitting at $1,764 (₽136,030).
In the top 10 by market cap, the best 24-hour performance is from TRON (+0.32%), and the best weekly performance is from Ethereum (+11.11%). The biggest 24-hour losses are recorded for Dogecoin (-3.44%). Overall, all top 10 coins have increased in value over the week. In the top 100, the 24-hour growth leader is DeXe (+10.67%), and the weekly leader is MemeCore (+90.78%). The worst weekly result is for Venice Token (-13.91%).
Trump: from skepticism to strategy
Donald Trump admitted during a press conference in the Oval Office that he became a supporter of cryptocurrencies partly due to political considerations. According to him, if the U.S. does not take a leading position in this field, China will. He previously called bitcoin a "scam," but now his family has built an extensive business in the crypto industry. Trump himself earned over $1.4 billion from it last year.
U.S. Bitcoin Reserve: bureaucratic deadlock
The Trump administration's plans to create a strategic bitcoin reserve have encountered serious obstacles. The Treasury and Commerce Departments are arguing over how the reserve should be structured and which agency should manage it. Trump's March 2025 executive order mandated placing the reserve within the Treasury, but doubts have arisen about the department's 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. This reserve is a key part of the plan to make America the "world's crypto capital."
Tether: a rare look inside a private empire
Former Tether investment director Richard Heathcott plans to sell part of his stake in the company. He owns 1.26% of Tether and intends to sell only a portion of that stake. Heathcott left his position in March and transitioned to an advisory role. The deal could provide a rare opportunity to glimpse Tether's ownership structure, which remains private despite the company becoming one of the most profitable in the crypto industry. The sale comes amid regulatory pressure in Europe, where several platforms with MiCA licenses are delisting USDT after Tether decided not to comply with European regulatory requirements.
My analysis: Trump's admission about the "China factor" is a clear signal that cryptocurrencies are becoming an element of big geopolitics. The bureaucratic struggle for control over the reserve is a temporary phenomenon, but it shows how seriously the U.S. government is taking bitcoin. Heathcott's sale of his Tether stake could trigger new questions about the transparency of the stablecoin that dominates the market.