🤯BTC over Dollar? Musk's Party Votes 💪

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Hey Folks! Hope you had a great weekend.

Trending now: Musk calls Fiat “hopeless” as he unveils his official political party, the “America Party,” following his split with his former ally, President Donald Trump.

Meanwhile, in crypto news this week, the SEC freezes Grayscale ETF launch, just a day after giving its initial approval.

Highlights:

• Musk’s America Party Embraces Bitcoin: Calls Dollar “Hopeless”

• SEC Halts Grayscale ETF Despite Initial Approval

• Mercado Bitcoin Announces $200M Tokenized Assets on XRP Ledger

• Bitcoin Soars $109K Ahead of Trump’s New Tariff Announcement Date

• BitGet Launches GetAgent – An AI Crypto Trading Assistant

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 “Fiat is hopeless, so yes,” said Musk on Sunday while replying to Renato Lima, an X user who asked Elon Musk, “will America Party embrace Bitcoin?” 

In-depth:

Did the rift between Trump and Musk catalyze the rise of the “America Party?”

Just a day after U.S. President Donald Trump’s controversial “Big, Beautiful Bill” passed, on Saturday, tech billionaire Elon Musk announced the formation of his new party, the “America Party,” followed by a poll posted on July 4, challenging the “one-party system.”

Tensions between Musk and Trump have been brewing for quite some time now. Musk slammed the tax bill as “DEBT SLAVERY,” which could contribute to $3.4 trillion U.S. deficit, and emphasized that it is “time for a new political party that actually cares about the people.”

To this, Trump responded on Sunday, calling the American Party “ridiculous” and saying on Truth Social that Elon Musk has completely gone “off the rails.”

Bitcoin, not Dollar: The Bigger Picture

Musk’s America Party has decided to embrace Bitcoin and not fiat currency (U.S. Dollar). This reflects Musk’s broader plan of positioning Bitcoin as an innovative financial tool, both in the political and economic landscape, due to its decentralized nature and transparency.  

Read More: Why Musk is Betting on Bitcoin?

Musk has always been a great supporter of digital currencies like Bitcoin or Dogecoin. He has criticized traditional fiat currencies, saying that it is influenced by inflation, debt, and monetary regulations. With the American Party, Musk aims to challenge the current economic policies and believes that Bitcoin integration could bridge the gap between digital assets, innovation, and traditional economic, political, and financial systems.

Also Read: Dogecoin Sees Heavy Buying From Whales as Elon Musk Supports BTC in New Party Rollout.

In a shocking revelation, the SEC (the U.S. Securities and Exchange Commission) issued a letter on July 2 stating it has paused the Grayscale Digital Large Cap Fund (GDLC) conversion into an ETF (exchange-traded fund), just a day after its approval.

Details:

The news raised eyebrows in the crypto community, questioning the regulatory uncertainty surrounding cryptocurrencies and an increasingly unstable regulatory framework in the U.S. A Grayscale spokesperson said, “While this development was unexpected, it reflects the dynamic and evolving nature of the regulatory landscape surrounding a first-of-its-kind digital asset product like GDLC.”

Why the sudden halt?

GDLC comprises 5 top cryptocurrencies, Bitcoin holding 80%, Ethereum nearly 11%, and the rest allocated to Solana, Cardano, and XRP.

According to sources, the SEC’s decision was influenced by non-Ethereum altcoins like SOL, XRP, and ADA being included in the GDLC fund that were not approved by spot EFTs and were also under regulatory scrutiny.

Industry observers believe it was part of the SEC’s broader initiative to establish a consistent crypto regulatory framework for multi-asset ETFs and altcoins and protect investor interests.

There were unconfirmed reports of bureaucratic internal conflicts where the approval must have come from a specific department and received opposition from others within the SEC.

Read More: SEC's Pause of Grayscale Fund Is Likely Temporary. 

Mercado Bitcoin Announces $200M Tokenized Assets on XRP Ledger 

Marcado Bitcoin, Latin America’s prominent crypto exchange, announced the integration of $200 million worth of tokenized real-world assets into XRP Ledger. It will include fixed and equity-income instruments. This marks Marcado’s burgeoning initiative to merge traditional finance and one of the pioneering and largest initiatives to bridge blockchain with traditional financial economies. Read more in the press release.

Bitcoin Soars $109K Ahead of Trump’s New Tariff Announcement Date

Early on Monday, July 7, Bitcoin prices surged above $109,000, highlighting a 1.16% gain in 24 hours following a weekend dip of $108,000. On Sunday, U.S. Treasury Secretary Scott Bessent confirmed that the timelines of the new tariffs that were originally planned for April will now be extended to August 1. This is not the first time that Bitcoin has reacted to policy news. The patterns also reflect that political movements and interest rates boost price movements and investors’ interest in riskier assets. Read More: Times Now. 

BitGet Launches GetAgent – An AI Crypto Trading Assistant

BitGet, a prominent name in web3 and a leading crypto exchange, has officially launched GetAgent, an AI-driven trading assistant. It simplifies crypto trading with next-gen trading tools, real-time market insights, and transforms complicated trading decisions into simple Live chats. GetAgent monitors the market 24/7 and helps traders respond faster and easily to trading patterns and make informed decisions. Read More: BitGet. 

What is TVL?

 “TVL” or “Total Value Locked” is an important metric in the crypto space that is used to calculate the total value of digital funds locked or staked in DeFi platforms, dApps, or blockchain-based protocols. It indicates liquidity, user engagement, and the overall success of the DeFi platform. A high TVL represents that the project is sustainable and robust. TVL is calculated by adding up the total value of digital assets locked in the DeFi platform.

Cryptocurrency prices on 9th July according to CoinMarketCap.

• Lightchain AI Is Gearing Up for Launch – Here’s What You Need to Know. Bitcoin.com

• Investors Are Rushing Into Bitcoin Hyper as BTC Turns Bullish. Cryptonomist

• Wild New Satoshi Nakamoto Theory Emerges From Massive $8 Billion Bitcoin Transfer Mystery. Forbes

• Ripple applies for US National Bank Charter as Crypto Eyes Next Frontier. Reuters

That’s it for this week guys. Before you go, do not forget to sign up with WhaleTales newsletter. See ya all next week. 🗞️😇

Disclaimer: The information provided in this newsletter is educational and not intended for any investment or financial advice.