Ethereum continues its upward trajectory, gaining momentum in the cryptocurrency market this week. As of July 10, 2025, ETH’s impressive rally seems to be defying market gravity, setting the tone for a dynamic summer trading period. Meanwhile, Phantom has launched perpetual futures contracts, adding a new layer of complexity to the crypto derivatives landscape. In a surprising political move, former President Trump has decided to put his proposed tariffs on hold, a decision that could have far-reaching implications for the U.S. economy and its burgeoning cryptocurrency sector.
Ethereum’s Meteoric Rise
Ethereum’s value surge has captivated investors and analysts alike. In recent weeks, the cryptocurrency has been on a remarkable upward trajectory, with its performance outshining even Bitcoin. This shift has seen Bitcoin’s dominance in the crypto market dip slightly, a development that’s been long anticipated by Ethereum enthusiasts. An analyst from Sharplink noted, “Ethereum’s rise isn’t just a blip; it’s part of a broader shift in the market dynamics, one that’s been building momentum for some time.” This trend aligns with recent market movements where Dogecoin, Solana, and Ethereum have driven the crypto markets higher, even as Bitcoin remains flat.
The rise of Ethereum has not gone unnoticed by institutional investors. Sharplink, for instance, is reportedly set to purchase $20 million worth of ETH, a move that sent its stock soaring by 12%. Similarly, GameSquare is raising $8 million to increase its Ethereum holdings, which has led to a 60% jump in its stock price. Bit Digital, too, has enjoyed a positive investor response, with its stock continuing to climb amid its strategic pivot towards Ethereum.
Phantom’s Bold Move in Derivatives
Phantom’s introduction of perpetual futures contracts, powered by Hyperliquid, marks a significant milestone in the crypto derivatives market. These instruments offer traders a way to speculate on the future price of cryptocurrencies without the need for a traditional expiry date—a feature that’s sure to attract a host of new participants eager to leverage in the volatile crypto landscape.
The launch, however, comes at a time when the market is still reeling from a $40 million exploit faced by GMX, a decentralized exchange known for its perpetual contracts. This incident has undoubtedly raised eyebrows and underscores the inherent risks in this burgeoning market segment. A crypto analyst commented, “The perpetual futures market is a double-edged sword. While it offers immense opportunities, it also requires a robust risk management framework.”
Tariff Talks and Crypto’s Future
In the political arena, former President Trump’s decision to shelve proposed tariffs has resonated through the financial markets, creating ripples that extend into the cryptocurrency sector. The move could potentially bolster the U.S.’s position as a competitive hub for crypto innovation. According to insiders, the U.S. House is actively taking steps to establish the nation as a global leader in the cryptocurrency space, a goal that may be more attainable without the burden of new trade tariffs.
Meanwhile, Tether, a key player in the stablecoin market, has revealed an $8 billion gold stockpile in a Swiss vault and has expressed ambitions to become the largest Bitcoin miner this year. This revelation comes amid scrutiny from publications like The Economist, which have labeled Tether as “a money launderer’s dream.” Such claims are not uncommon in the crypto world and often highlight the regulatory challenges that continue to loom over the industry.
Looking Ahead
As the crypto market evolves, so too does the competitive landscape. With companies like Robinhood offering OpenAI stock tokens backed by Special Purpose Vehicles (SPVs) and Aevo providing up to 1000x leverage on tokenized stocks, the lines between traditional finance and cryptocurrency continue to blur. This evolution is further evidenced by the recent surge where Ethereum and Dogecoin soared as Bitcoin hit its highest price in three weeks.
Yet, the road ahead is not without obstacles. The Department of Justice’s recent charges against the founders of OmegaPro for a $650 million fraud case serve as a stark reminder of the pitfalls that exist within the industry. Moreover, Eigen’s announcement of a 25% staff reduction highlights the ongoing volatility that companies in this space must navigate.
As we move deeper into 2025, the interplay between regulatory developments, market innovations, and geopolitical moves will shape the trajectory of the cryptocurrency market. The question remains: Can Ethereum’s rally sustain its momentum, and will the U.S. emerge as a crypto capital? Only time will tell.
Source
This article is based on: ETH CONTINUES TO RISE, PHANTOM LAUNCHES PERPS, TRUMP SHELVES TARIFFS
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
