Elon Musk’s announcement of the America Party, which embraces Bitcoin and deems fiat currency “hopeless,” has ignited fresh enthusiasm in the crypto market. Following a public fallout with former President Donald Trump over the U.S. debt crisis, Musk’s new political venture aims to field Congressional candidates in 2026, positioning Bitcoin as a fiscal reform tool. This move, shared via X, has amplified bullish sentiment, with Bitcoin climbing 1.4% to $109,500, per CoinGecko. The announcement has also fueled speculation about Bitcoin’s role in reshaping U.S. financial policy, with posts on X reflecting heightened optimism among crypto investors. However, the lack of specific mentions of other cryptocurrencies like Dogecoin in Musk’s statements limits the direct impact on altcoins, though memecoins like DOGE still saw gains tied to his broader crypto alignment.
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Positive
Market Movements: The crypto market cap dipped 1.5%, but Bitcoin gained 1.3%, trading above $109,400, while Dogecoin surged over 6%, leading major crypto gains. Renewed hopes for U.S. Federal Reserve rate cuts and easing tariff concerns drove this momentum, signaling strong retail and institutional interest.
Polygon’s Milestone: Polygon surpassed $100 billion in all-time trading volume on Uniswap, underscoring its growing dominance in DeFi and attracting investor attention to its scalable ecosystem.
Tokenized Assets on Ethereum: Tokenized assets under management on Ethereum reached a record $5 billion, per Token Terminal, highlighting the blockchain’s leadership in real-world asset tokenization.
Solana ETF Approval: The REX-Osprey Solana + Staking ETF (SSK) was approved in the U.S., offering a 7.3% staking yield. This development boosts Solana’s institutional appeal and sparks speculation for potential XRP, Litecoin, and Cardano ETFs by year-end.
Binance Coin Growth: Binance Coin (BNB) rose 10% year-to-date to ~$550, with analysts forecasting $650-$800 by year-end, potentially fueled by ETF speculation and Binance’s Maxwell Upgrade.
Emerging Tokens: Tokens like Mutuum Finance (MUTM), HYPE, SUI, and PEPE outperformed larger assets, while BlockDAG’s $332 million presale signals strong investor interest in emerging projects.
Neutral
Hyperliquid’s Fee Surge: Hyperliquid generated $1.7 million in daily transaction fees, outpacing Solana, Ethereum, and Bitcoin. While this highlights its growing role in DeFi, it also raises concerns about sustainability amid high leverage risks.
Crypto Week Legislation: The U.S. House designated July 14-18 as “Crypto Week” to debate the CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act. These bills could provide regulatory clarity for stablecoins and market structure but face uncertainty due to political divides.
Negative
Crypto Scams and Losses: Investors lost $2.5 billion to scams and hacks in the first half of 2025, with wallet compromises and phishing dominating. This underscores persistent security challenges in the crypto space, potentially dampening retail confidence.
Top Movers and Buying Opportunities
The most significant movers on July 7, 2025, include Dogecoin (+6%), Zebec Network (ZBCN, +5.5%), and Bonk (BONK, +60% over seven days). DOGE’s rally is driven by Musk’s crypto-friendly America Party and growing ETF approval odds (80% by October, per CoinDCX). ZBCN’s 5.5% gain reflects its increasing adoption in DeFi payment solutions. BONK’s 60% surge is tied to Solana ecosystem enthusiasm, ETF speculation, and bonding curve activity, though its momentum has slightly ebbed.
Buying Opportunities:
Bonk: Despite its 60% weekly surge, BONK’s RSI suggests it’s not yet overbought, and its link to Solana’s ETF approval and bonding curve trends makes it a potential buy on dips near $0.000022, with resistance at $0.000035.
Dogecoin: DOGE’s 6% gain and strong community support, bolstered by Musk’s influence, present a buying opportunity if it holds support at $0.16, with upside potential to $0.18-$0.20.
Other coins like ZBCN and emerging tokens (MUTM, HYPE) show promise but lack clear entry points due to limited liquidity or unconfirmed catalysts. Bitcoin’s steady climb makes it less attractive for short-term buys, as it trades near resistance at $110,000.
Bitcoin Price Evolution Chart (July 1-7, 2025):
Date | Price (USD) | Change -----------|-------------|-------- Jul 1 | 108,000 | - Jul 2 | 107,500 | -0.5% Jul 3 | 108,259 | +0.7% Jul 4 | 108,414 | +0.1% Jul 5 | 107,858 | -0.5% Jul 6 | 108,414 | +0.5% Jul 7 | 109,500 | +1.4%
Source: Coinbase, CoinGecko
Bitcoin’s price has shown resilience, recovering from a $107,858 low on July 5 to $109,500 on July 7, driven by Musk’s announcement and ETF inflows. However, it remains 2% below its all-time high of $111,891, with resistance near $110,000-$112,000.
The post Crypto Market Update: Musk’s Bitcoin Push and Altcoin Surges appeared first on Cryptopress.
