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🌙 Crypto Market Dips After Trump’s BRICS Tariff Threat

🌙 Crypto Market Dips After Trump’s BRICS Tariff Threat

The total cryptocurrency market cap dropped 3.5% to $3.4 trillion on Monday, starting the week in red as United States President Donald Trump renewed geopolitical tensions ahead of his Wednesday tariff deadline.

Mike Gavela
July 07, 2025

Crypto Roundup - July 7

The crypto market faced downward pressure following former President Trump's comments hinting at possible tariffs against BRICS nations, raising fears of a global trade escalation. Meanwhile, in a landmark AI-infrastructure deal, GPU cloud provider CoreWeave announced its acquisition of Core Scientific for $1.6 billion, signaling deeper convergence between AI and blockchain sectors. Additionally, Grayscale has called on the SEC to halt trading of a proposed ETF that includes tokens like Solana (SOL) and XRP, citing regulatory concerns and inconsistent classification of these assets.

Top Stories

Crypto markets dipped sharply after Trump suggested potential tariffs on BRICS countries, stoking global economic uncertainty.
CoreWeave to acquire Core Scientific in a $1.6B all-stock deal, consolidating AI compute and crypto mining infrastructure.
Grayscale urges SEC to pause trading of ETF including SOL and XRP, citing lack of clarity around the regulatory status of these tokens.

FUNDRAISING

[1/x] Funding Milestone: $7M Raised to Build Agentic Trust
We’re excited to share that Zypher Network has raised $7 million to accelerate the development of decentralized trust infrastructure for AI agents.
The latest round was led by UOB Venture Management and @Signum_Capital,
— Zypher Network (Hiring) (@Zypher_Network)
8:23 AM • Jul 4, 2025

OTHER HEADLINES

FTX Recovery Trust may withhold assets from creditors in 49 restricted countries

FTX Recovery Trust wants to employ regional lawyers to help determine which countries it can, or can't, return creditor assets to.

protos.com/ftx-recovery-trust-may-withhold-assets-from-creditors-in-49-restricted-countries

Elon Musk's America Party embraces Bitcoin

Elon Musk has confirmed that his newly announced political venture, the America Party, would support Bitcoin.

cryptoslate.com/elon-musks-america-party-embraces-bitcoin

Less Than 5% of Wallets Generate Most On-Chain Value: Report - "The Defiant"

New research from Flipside reveals that fewer than 5% of wallets typically handle the majority of on-chain transfer volume.

thedefiant.io/news/research-and-opinion/less-than-5-of-wallets-generate-most-on-chain-value-report

CRYPTO TWITTER (X)

90% of the pitches I’m seeing right now are either:
1) New prediction markets that compete with Polymarket and Kalshi
2) Robinhood style apps built entirely on Hyperliquid
Opportunity to build big companies in both categories.
But expect extreme competition.
— Yano 🟪 (@JasonYanowitz)
1:01 PM • Jul 7, 2025

$PUMP coming in less than 5 days?
Seeing a ton of rumours being spread right now, but from what I heard from insiders and people being involved, this seems pretty legit.
This will probably the biggest and yet most controversial TGE of all time.
Whether you’re participating or
— Simon (@sjdedic)
7:56 PM • Jul 7, 2025

ETH aligned L2s. 👏👏👏
You can tell by how much ETH they hold.
— RYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams)
12:58 PM • Jul 7, 2025

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