{"id":64313,"date":"2026-07-06T13:08:17","date_gmt":"2026-07-06T17:08:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bitcoin-rebounds-as-trump-embraces-crypto-us-oil-reserves-hit-1983-lows\/64313\/"},"modified":"2026-07-06T13:08:17","modified_gmt":"2026-07-06T17:08:17","slug":"bitcoin-rebounds-as-trump-embraces-crypto-us-oil-reserves-hit-1983-lows","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bitcoin-rebounds-as-trump-embraces-crypto-us-oil-reserves-hit-1983-lows\/64313\/","title":{"rendered":"Bitcoin Rebounds as Trump Embraces Crypto; US Oil Reserves Hit 1983 Lows"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Bitcoin (<a href=\"\/stock\/BTC\">BTC<\/a>) rebounded to approximately $62,110<\/strong> after President Donald Trump declared himself a &quot;big crypto guy,&quot; reversing his previous skepticism and highlighting digital assets as a pillar of US economic strategy.<\/li>\n<li><strong>US Strategic Petroleum Reserve (SPR) inventories fell by 6.2 million barrels to 319.5 million<\/strong>, the lowest level since 1983, as the government continues draws to combat high fuel prices following the US-Iran conflict.<\/li>\n<li><strong>Cuba suffered a massive island-wide blackout<\/strong> on July 6, 2026, as the nation\u2019s crumbling power grid collapsed amid a deepening energy crisis and dwindling fuel reserves.<\/li>\n<li><strong>Air France (<a href=\"\/stock\/AFLYY\">AFLYY<\/a>) extended flight suspensions to Beirut until July 20<\/strong>, reflecting ongoing regional instability, while resuming some services to Dubai and Tel Aviv.<\/li>\n<li><strong>Inflation measurement &quot;tweaks&quot; are expected to soften upcoming data<\/strong>, even as May 2026 figures showed a 4.2% year-over-year surge driven by high energy costs.<\/li>\n<\/ul>\n<h2>Trump Shifts Stance on Digital Assets<\/h2>\n<p>President Donald Trump has publicly embraced the cryptocurrency industry, stating he has become a <strong>&quot;big crypto guy&quot;<\/strong> and framing digital asset adoption as a geopolitical necessity to compete with China. This shift follows his administration&#39;s establishment of a <strong>Strategic Bitcoin Reserve<\/strong> earlier in 2025, which utilizes seized assets to build a national stockpile. While Bitcoin (<a href=\"\/stock\/BTC\">BTC<\/a>) saw a modest 0.74% lift to <strong>$62,110<\/strong> on the news, the market remains volatile, with some analysts pointing to the President&#39;s significant personal financial interests in the sector, including over <strong>$1.4 billion<\/strong> in crypto-related income reported in 2025.<\/p>\n<h2>Energy Crisis Hits US Reserves and Cuba<\/h2>\n<p>The US Department of Energy reported that the <strong>Strategic Petroleum Reserve (SPR)<\/strong> has reached its lowest level in over 40 years, dropping to <strong>319.5 million barrels<\/strong>. This decline is part of a broader effort to stabilize domestic fuel prices, which have been pressured by the fallout of the conflict with Iran. Simultaneously, <strong>Cuba<\/strong> reported a &quot;complete disconnection&quot; of its electrical system on Monday, leaving 11 million people without power. The Cuban government has attributed the collapse to its aging infrastructure and a US energy blockade that has severely restricted oil shipments since early 2026.<\/p>\n<h2>Corporate and Economic Developments<\/h2>\n<p>In the equity markets, <a href=\"https:\/\/stockmarketwatch.com\/stock\/MSFT\" data-internallinksmanager029f6b8e52c=\"18\" title=\"Stock: MSFT\">Microsoft<\/a> (<a href=\"\/stock\/MSFT\">MSFT<\/a>) shares fell <strong>1.7%<\/strong> following reports of <strong>4,800 job cuts<\/strong>, primarily affecting its Xbox division. This move comes as the tech giant shifts its focus more heavily toward artificial intelligence. On the economic front, <strong>Axios<\/strong> reported that upcoming inflation data may appear &quot;sunnier&quot; due to technical measurement adjustments, despite recent reports showing energy prices jumping <strong>23.5%<\/strong>. Meanwhile, in international relations, Trump expressed &quot;good respect&quot; for <strong>Australia<\/strong> as the country signed a new bilateral defense alliance with Fiji to counter regional influence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Bitcoin (BTC) rebounded to approximately $62,110 after President Donald Trump declared himself a &quot;big crypto guy,&quot; reversing his [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[4223,4335,4450,5792,6754,17953,20137,20138],"class_list":["post-64313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-inflation","tag-donald-trump","tag-spr","tag-microsoft-msft-stock-msft","tag-bitcoin-btc-stock-btc","tag-strategicpetroleumreserve","tag-air-france-klm-aflyy-stock-aflyy","tag-cuba-blackout"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/64313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=64313"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/64313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=64313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=64313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=64313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}