US equities continue their upward trend, and Bitcoin has also surged, consistently reaching new price milestones over the past day. The market's resilience, even as the Federal Reserve faces internal divisions and external pressure, underscores a significant shift in investor sentiment and the growing confidence in digital assets.

Market Overview

US equities closed with gains across all three major indices on Thursday, July 10th, with the Dow Jones leading the increase at 0.43%. Stock futures experienced a slight correction. Gold and oil futures both saw minor increases, reaching around $3337 per ounce and $66.7 per barrel, respectively.

Despite challenges from geopolitical tensions and restrictions on chip exports to China, NVIDIA maintains its strong growth momentum, officially surpassing a market capitalization of $4 trillion. With this surge, NVIDIA becomes the first company in the world to achieve this impressive milestone and retains its position as the world's most valuable company.

Bitcoin surged to a new peak, at one point surpassing $118,000. At the time of this report, BTC is trading around $115,000. Most major altcoins also saw gains. The overall crypto market capitalization reached $3.54 trillion, though it didn't increase proportionally to Bitcoin's individual surge.

Over $1 billion (approximately 200,000 leveraged positions) were liquidated in the past 24 hours, with the majority being short positions. This significant short squeeze fueled Bitcoin's rapid price appreciation.

Tariffs Wane in Influence, Market Eyes Fed Rate Cuts

In recent months, financial markets have gradually paid less attention to the tariff narrative. While news of President Trump's new tariffs once caused anxiety, these announcements no longer significantly impact investor sentiment. It is true that tariffs can affect some importing businesses, reducing profits and causing stock corrections. However, the entire market is not uniformly impacted, and tariffs certainly do not directly affect Bitcoin or the broader crypto market—which tend to respond to overall market sentiment.

Currently, the deadline for new tariffs has been pushed back to early next month, opening up possibilities for negotiation or adjustment if new trade agreements are reached. The market has also reacted with less anxiety. Investors need to be more discerning about short-term news that isn't truly indicative of long-term trends.

Will the Fed Cut Interest Rates? Growing Internal and External Pressure

President Trump continues to pressure Federal Reserve Chairman Jerome Powell, calling for aggressive rate cuts of 3%, aiming to make the US a world leader in low interest rates. He emphasizes that stocks and crypto are surging, the economy is recovering well, tax revenues are increasing, and there are no signs of alarming inflation. Trump argues that the Fed is acting slowly and damaging the financial credibility of the United States.

Notably, a growing chorus of voices, from politicians to within the Fed itself, are advocating for interest rate cuts. Senators from both parties, including Cynthia Lummis and Elizabeth Warren—often at odds on many issues—are jointly urging the Fed to ease monetary policy to support the economy, create jobs, and make credit more accessible to citizens, especially as high interest rates make home purchases, car loans, and consumer spending more difficult.

Even within the Fed, a clear division is emerging. San Francisco Fed President Mary Daly believes now is an appropriate time to begin lowering interest rates, expecting two cuts this year if current economic trends persist. She emphasizes cooling inflation and a decelerating labor market. Fed Governor Christopher Waller also supports an immediate rate cut in July, arguing that current interest rates are too restrictive and that the impact from tariffs is only temporary.

Chairman Powell's shifting rationale, from a data-dependent approach to a more forward-looking, predictive stance, is raising suspicions about potential political influence, despite his denials. Overall, political and social pressure on the Fed to cut interest rates is rapidly increasing, especially with the upcoming election and the economy's continued need for support.

The new President of the St. Louis Fed branch, Alberto Musalem, remains cautious, suggesting more time is needed to assess whether Trump's tariff-induced inflation will be prolonged. Even cautious voices do not rule out the possibility of rate cuts. This indicates that the Fed's internal body is increasingly divided on whether to begin a cutting cycle this year.

Furthermore, President Trump has promised to appoint the next Fed Chair, creating a political incentive for some officials to advocate for rate cuts. However, caution is warranted: a rate cut doesn't automatically mean a financial market boom or an "altcoin season" in crypto. Looking back at 2022–2023, even as Fed rates continuously rose, Bitcoin still recovered strongly, climbing from $15,000 to over $115,000, demonstrating that interest rates are only one of many influencing factors.

The market believes "cheap money" will return, not just through Fed rate cuts but potentially through indirect liquidity injection measures like government bond buybacks. This fuels the demand for safe havens, driving capital into scarce assets like Bitcoin. In the long term, all assets—from gold and real estate to crypto—follow cycles. Ultimately, US law towards crypto is similar to interest rates: support is beneficial, but its absence does not prevent market development. Even during the period of SEC attacks under President Biden, the market still saw strong growth. The key is that the government should not hinder—that's enough for the market to function and for capital to continue flowing in.

Companies Continue to Accumulate Crypto

The wave of BTC and crypto acquisition and accumulation among corporations is accelerating.

Thumzup Media, a US company specializing in social media branding and programmatic advertising, has received board approval to expand its digital asset portfolio beyond Bitcoin. The company will begin accumulating other cryptocurrencies such as Dogecoin, Litecoin, Solana, Ripple, Ether, and USDC. Currently, Thumzup holds 19,106 BTC, equivalent to approximately $2.1 million, accounting for up to 90% of its liquid assets. This signals a broadening corporate interest beyond just Bitcoin.

Sequans Communications, a US semiconductor chip manufacturer specializing in mobile IoT connectivity, has completed the purchase of 370 BTC from capital raised through stock and bond issuance. CEO Georges Karam stated that the company plans to accumulate over 3,000 BTC in the coming weeks.

KULR, a technology company focused on battery and energy storage solutions, has also increased its Bitcoin holdings by acquiring an additional 101 BTC, bringing its total to 1,021 BTC.

DDC Enterprise, a US company developing financial and AI platforms utilizing blockchain, has signed a memorandum of understanding with Animoca Brands to manage a Bitcoin portfolio valued up to $100 million. The company is accelerating its BTC accumulation, and Animoca's Yat Siu has joined DDC's Bitcoin strategy board.

In South Korea, K Wave Media, a media and entertainment company associated with the Hallyu wave, made its initial purchase of 88 BTC. The company is currently accessing up to $1 billion in capital from two funding deals, with at least 80% of the capital from Anson Funds committed to further Bitcoin purchases.

Tractial (formerly BD Multimedia), a France-based technology and financial services company, is also planning to raise 1 million euros (approximately $1.17 million) to expand its Bitcoin investments.

Overall, the wave of BTC accumulation is expanding and accelerating. In Q2 2025, corporations collectively purchased 159,000 Bitcoin totaling over $17 billion. The amount of BTC held by companies now stands at 847,000 BTC, accounting for approximately 4.03% of the total supply and with an estimated market value of $91 billion. The number of publicly listed companies owning Bitcoin has increased by 58% compared to the previous quarter, reaching 125 enterprises.

Among these, the top BTC holders include Strategy (597,325 BTC), MARA Holdings, Riot Platforms, Metaplanet, and notably Twenty One—a new market entrant that has already invested $450 million in Bitcoin. The wave of aggressive corporate BTC accumulation is a powerful force driving market dynamics.

Other Key Crypto & Policy Updates

The US Treasury Department has withdrawn regulation TD 10021, which previously required crypto platforms, including DeFi, to report user transactions to the IRS. This regulation faced criticism because DeFi platforms do not store user data or control wallets, making compliance impossible. Congress strongly opposed it, using the Review Act to repeal it, and President Trump signed it into law, officially abolishing it. The regulation no longer applies to DeFi, but centralized exchanges like Coinbase and Binance US must continue to report. This is a significant win for the DeFi sector, promoting innovation without undue regulatory burden.

The Robinhood trading platform has officially launched staking services for Ethereum (ETH) and Solana (SOL) in the United States, expanding its cryptocurrency product portfolio for users. Depending on network participation rates and applicable fees, ETH staking rewards can range from 50% to 100%. Starting October 1, 2025, Robinhood will charge a 25% fee on users' staking rewards. However, this staking service is currently unavailable in some states, including California, Maryland, New Jersey, New York, and Wisconsin.

The US House Financial Services Committee announced it will host "Crypto Week" from July 14th to 18th to advance digital asset policy, in line with President Trump's vision of making the United States a global crypto capital. This week, the House will review three important bills: the CLARITY Act on digital asset market infrastructure, the Anti-CBDC Oversight Act, and the GENIUS Act related to stablecoins.

Justin Sun, founder of Tron, announced he will invest $100 million to bridge the "TRUMP" token from Solana to the Tron ecosystem via the LayerZero bridge, aiming to make it a core asset within the ecosystem. Previously, he invested $75 million in the Trump family's projects and became an advisor. Sun expects the token to spread widely in Asia and Africa due to Trump's influence and the US administration's pro-crypto policies. This highlights the intersection of political figures, memecoins, and blockchain technology.

CZ's family office is supporting 10X Capital in establishing a "BNB Treasury Company," specializing in acquiring and holding BNB, with the goal of listing it on a US stock exchange. The objective is to create a publicly traded investment vehicle that allows retail and institutional investors easy access to BNB without directly purchasing crypto. This indicates a new trend of creating traditional financial products for specific altcoins.

Rumble has partnered with MoonPay to launch the Rumble Wallet in Q3, allowing users to buy, sell, and swap crypto directly on the platform. The wallet enables creators to freely receive payments and supports BTC, USDT, and XAUT. Rumble has also purchased additional Bitcoin. This integration signifies a growing trend of social media and content platforms incorporating crypto functionalities to empower creators and users.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• ADP Employment Report
• US Department of Labor
• CryptoQuant
• Thumzup Media Investor Relations
• Sequans Communications Investor Relations
• KULR Investor Relations
• DDC Enterprise
• K Wave Media
• Tractial
• Glassnode
• Fox Business News
• US Treasury Department
• Robinhood Investor Relations
• US House Financial Services Committee
• Justin Sun's Twitter/X
• 10X Capital
• Rumble Platform

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.