Bitcoin Climbs Above $64,000 as Trump Remarks Outweigh Corporate Selling

Bitcoin's price reversed earlier losses to climb above $64,000 on Monday, with encouraging rhetoric from President Donald Trump offsetting selling pressure from a top corporate holder. By late trading, the world's largest cryptocurrency was up approximately 1.7% to trade at $64,183.5.

Presidential Comments Boost Crypto Sentiment

Market sentiment improved after President Trump expressed a positive view on cryptocurrencies. Speaking to reporters during an event at the Oval Office, he stated, "I’ve become a big crypto guy," and added that he was a "fan" of the asset class.

The remarks came during the launch of "Trump Accounts," a government initiative for youth investment vehicles. The comments provided a bullish catalyst for digital assets, which are often sensitive to the tone of political and regulatory leaders.

Corporate Holder Discloses Major Sale

Earlier in the session, the market faced headwinds after a regulatory filing revealed that Strategy, a company founded by Michael Saylor, had sold a substantial amount of its Bitcoin holdings. The firm disclosed it sold a total of 3,588 bitcoin for proceeds of $216 million.

The sales occurred in two transactions last week:

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• 1,363 bitcoin were sold at an average price of $59,256.
• An additional 2,225 bitcoin were sold at an average price of $60,773.

Strategy also reported a loss of $8.32 billion on its digital assets for the quarter ending June 30. The company stated the proceeds from the sale were used for preferred stock distributions and to replenish its cash reserves.

Broader Market Context

Bitcoin's move higher builds on a nearly 5% gain from the previous week, which was fueled by a softer-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve rate hikes. Investors are now awaiting the minutes from the Fed's June meeting, due on Wednesday, for further clues on monetary policy.

In another positive sign for demand, spot Bitcoin ETFs recorded their first week of net inflows since mid-June, breaking an eight-week streak of outflows. Most alternative cryptocurrencies, or altcoins, tracked Bitcoin's gains, with Ethereum rising 1.5% to $1,812.81.