Daily market update (July 7, 2025, at 10:20 AM)
ChainDD market data for July 7 shows that the comprehensive index and CoinMarketCap quotations:
BTC is priced at $109,041.47, up about 0.78% in 24 hours;
ETH is priced at $2,563.79, up about 1.87% in 24 hours;
BNB is priced at $661.15, up about 0.80% in 24 hours;
DOGE is priced at $0.1714, up about 4.39% in 24 hours;
SOL is priced at $151.22, up about 2.69% in 24 hours.
Cryptocurrency market dynamics.
Trump says Musk is off the rails and criticizes his party formation.
Trump stated on social media: 'Seeing Elon Musk completely 'derailed' in the past five weeks, basically turning into a crashed train, I feel very sad. He even wants to establish a third party, although this has never succeeded in the U.S.—this system doesn't seem designed for them. The third party is best known for causing complete destruction and chaos.'
Trump also said that when Musk undoubtedly fully supported me, I asked him if he knew I would terminate the electric vehicle authorization, to which he said he had no objection— I was surprised! Trump also said that in addition, Musk wanted one of his good friends to manage NASA, but I was surprised to find out he was a noble Democrat who had never donated to Republicans. Elon might be too. Trump added that it is inappropriate for Musk, who has vested interests in the space sector, to choose NASA leaders.
Musk: The previous filing regarding the new party AMEP is a false document.
Musk responded to community user @TeslaBoomerMama on the X platform, stating that the filing documents with the Federal Election Commission (FEC) regarding the new party America Party (AMEP) are false and have already been reported to the Federal Election Commission.
Musk's founding of a party has caused dissatisfaction, investment company Azoria has postponed the listing of the Tesla ETF.
Following Tesla (TSLA.O) CEO Musk's announcement of the establishment of a new party 'The American Party,' investment company Azoria announced last Saturday that it would postpone the launch of the Tesla-based ETF 'Azoria Tesla Convexity ETF.'
According to reports, Azoria was originally scheduled to launch the ETF this week, which was set to invest in Tesla's stocks and options, providing investors with financial products related to the electric vehicle giant. However, Musk's political actions led Azoria to believe the timing was unstable and decided to delay the listing plan. Azoria's CEO Fishback pointed out that since Musk announced his resignation from the Department of Government Efficiency in May, there has been unease about his focus on Tesla. The establishment of the party further undermines investors' confidence in Tesla's future leadership.
CITIC Securities: The 'Big and Beautiful' bill is negative for U.S. stocks in the medical and new energy sectors.
CITIC Securities research report states that Trump officially signed the 'Big and Beautiful' bill (OBBB), which covers a broad conservative political agenda and will expand the government's deficit by $3.4 trillion by 2034. Regarding the U.S. Treasury bond market, the bill further increases U.S. future debt pressure, which is expected to lead to an upward shift in the medium to long-term U.S. Treasury bond interest rate center.
Regarding the U.S. stock market, the adjustment of performance expectations has stabilized and rebounded since late June. The OBBB bill is negative for U.S. stocks in the medical and new energy sectors. Attention can be paid to the technology sector with more matched valuations and performances, manufacturing benefiting from the re-industrialization process and favorable policies, midstream and upstream resource products, and the nuclear power industry. Regarding the U.S. technology sector, the bill is favorable for tech giants, AI, semiconductor equipment, etc. Regarding the energy industry, the bill has impacted new energy, but energy storage policies have eased; the bill actively promotes the revival of traditional energy, with attention to the development of industries such as nuclear power.
Trump calls Musk's establishment of a party 'absurd to the extreme.'
U.S. President Trump stated on Sunday local time that Musk's establishment of a new American political party is absurd and could exacerbate chaos. Trump told reporters before boarding Air Force One in New Jersey: 'I think forming a third party is ridiculous. Establishing a third party will only increase chaos. He can have fun, but I think it's absurd.'
Hong Kong Secretary for Financial Services and the Treasury: Aiming to issue stablecoin licenses within this year.
Hong Kong (Stablecoin Regulations) will take effect in August. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the Monetary Authority is currently consulting the market on the implementation of the regulatory guidelines, which will be published this month. The specific content will involve anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses granted will be single digits, hoping to receive applications after the regulations take effect, aiming to issue licenses within this year. As for whether financial institutions can issue stablecoins pegged to the RMB after obtaining a license, he said that if it involves currencies from other jurisdictions, discussions with relevant institutions will be necessary.
Musk: 'The American Party' will embrace Bitcoin, fiat currency has no hope.
When community users asked whether 'The American Party' supports Bitcoin, Musk replied: 'Fiat currency has no hope, so we will support it.'
