Bitcoin Climbs Above $64,000 as Trump Remarks Outweigh MicroStrategy Sale

Bitcoin's price reversed earlier losses to climb above $64,000 on Monday, buoyed by supportive comments from President Donald Trump that overshadowed news of a significant sale by a major corporate holder. The leading cryptocurrency was trading up 1.7% to $64,183.5 in late Monday trading, according to Investing.com data.

Trump's Support and MicroStrategy's Sale

Market sentiment turned positive after President Trump voiced his approval for cryptocurrencies. During an event at the Oval Office, when asked if bitcoin could be included in a new government-sponsored investment vehicle, Trump stated, "I’ve become a big crypto guy," adding that he was a "fan" and "very much for" the asset class.

This positive rhetoric helped the market absorb news from MicroStrategy, a company founded by Michael Saylor. In a regulatory filing on Monday, the firm disclosed it had sold a total of 3,588 bitcoin for $216 million in proceeds last week. The sales occurred in two tranches:

• 1,363 BTC sold between June 29 and June 30 for $80.8 million, at an average price of $59,256.
• 2,225 BTC sold between July 1 and July 5 for $135.2 million, at an average price of $60,773.

The company, which also reported an $8.32 billion loss on its digital assets for the quarter ending June 30, said the proceeds were used for preferred stock distributions and to replenish its cash reserves.

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Market Context and Outlook

Bitcoin's move higher builds on a nearly 5% gain from the previous week, which was driven by a softer-than-expected U.S. jobs report. That data eased investor fears of aggressive Federal Reserve interest rate hikes, which tend to dampen appetite for speculative assets like cryptocurrencies. Investors will be closely watching the minutes from the Fed's June meeting, set for release on Wednesday, for further clues on monetary policy.

Investor sentiment may also be showing signs of a tentative recovery. While spot Bitcoin exchange-traded funds (ETFs) recently experienced an eight-week streak of outflows, last week marked the first net inflow since mid-June, suggesting selling pressure could be abating.

Broader Crypto Market

Most major alternative cryptocurrencies, or altcoins, tracked Bitcoin's gains. Ethereum (ETH), the second-largest crypto, rose 1.5% to $1,812.81. Elsewhere, XRP added 0.5%, while Solana (SOL) ticked up 0.9%.