"Fiat is hopeless" : Musk wants to make Bitcoin a pillar for his new party
Welcome to the Daily Tribune of Tuesday, July 8, 2025 ☕️
Hello Cointribe! 🚀
Today is Tuesday, July 8, 2025 and as every day from Tuesday to Saturday, we summarize for you the news from the last 24 hours you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡 Weather:
🌧️ Rainy
24h crypto recap! ⏱
💼 Strategy announces a record $4.2 billion fundraising
Strategy (formerly MicroStrategy) has raised $4.2 billion via STRD preferred shares, under its "At-The-Market" program, intended to finance Bitcoin purchases and support its current operations. This plan is part of its "42/42" strategy aiming to mobilize up to $84 billion by 2027.
🇺🇸 Musk founds a pro-Bitcoin party on X
Elon Musk confirmed on X that his new political party, the America Party, will officially adopt Bitcoin, calling fiat currency "hopeless." This announcement follows the break with Trump and fits into his criticism of the "Big Beautiful Bill."
⚙️ Vitalik proposes to cap Ethereum gas
Vitalik Buterin and Toni Wahrstätter submitted proposal EIP-7983 to set the gas limit per transaction at 16,777,216 units, aiming to prevent DoS attacks and strengthen network stability. This technical framework enhances the protocol's resilience, especially for zkVM environments.
📈 Strong momentum for crypto ETPs
Crypto ETPs attracted $1.04 billion in positive inflows last week, marking twelve consecutive weeks of inflows, including $790 million for Bitcoin and $226 million for Ethereum. Total assets under management reached a record $188 billion, reflecting sustained institutional interest.
Crypto of the day: Kaspa (KAS)
🧠 Technology and innovation
Kaspa is a next-generation Proof-of-Work blockchain that uses the GHOSTDAG protocol, a Nakamoto consensus variant based on a blockDAG (directed acyclic graph). This mechanism allows parallel block generation, limiting orphans and offering unprecedented scalability and speed (up to 1 block per second, aiming to reach 10 blocks/s).
Unlike Bitcoin, Kaspa combines decentralized PoW security with ultra-low latency, aiming to become a viable infrastructure for large-scale payment applications.
💰 Main utility and token advantages
KAS is used to mine on the network via Proof-of-Work, with no ICO or pre-mine: fully meritocratic distribution.
It is used to secure the blockchain: miners maintain network integrity while receiving rewards.
Thanks to its DAG architecture, Kaspa enables fast and frequent transactions, suited for high-throughput use cases (gaming, micropayments).
📊 Market data (as of July 8, 2025)
Current price: $0.07482 USD
24h change: -3.99%
Market capitalization: $1.976 billion USD
CoinMarketCap rank: #40
Circulating supply: 26.419 billion KAS
24h trading volume: ≈ $69.8 million USD
Bitcoin surpasses $2 trillion market capitalization
As Bitcoin consolidates around $108,500, the cryptocurrency confirms its financial power with a market capitalization exceeding $2 trillion. This symbolic level, combined with robust on-chain indicators and mixed technical signals, places the market in an active observation phase. Between structural resilience and cyclical fragilities, the balance remains precarious.
A historic valuation, reflecting Bitcoin's dominance
With a capitalization exceeding $2 trillion, Bitcoin reaches a size comparable to Italy’s GDP. This milestone highlights the growing integration of the asset into institutional portfolios and long-term investment strategies. At the same time, 93% of addresses are currently in profit, reflecting the magnitude of the bullish rally started in recent months.
Bitcoin now concentrates 64% of the total crypto market capitalization, reinforcing its status as a digital safe haven asset. This centralization reflects a marked investor preference for the most established assets in a context of persistent altcoin volatility.
However, Bitcoin’s rise is not without reservation. Over the last 30 days, the CryptoQuant platform reports a net decrease in demand of 895,000 BTC, a factor likely to slow the price's progress.
A decisive technical threshold and underlying speculative tensions
The $105,000 level stands as a key technical zone and corresponds to a significant concentration of liquidity as well as the 50-day EMA. This moving average acts as a dynamic support; a pullback to this level could offer a strategic entry point or signal a more marked correction.
Macro conditions remain generally favorable for a bullish continuation. The anticipated drop in key interest rates, the growth of spot ETFs and the growing interest from major institutional asset managers support this analysis.
But the market also shows signs of overheating. The recent price stagnation between $107,000 and $110,000, combined with a 90-day open interest that has turned negative, indicates a deleveraging phase. This phenomenon can be interpreted as a healthy consolidation phase, but it could also precede a short squeeze in case of a sudden reversal of short positions.
