Bitcoin Climbs Above $64,000 as Trump's Pro-Crypto Comments Offset MicroStrategy Sale

Bitcoin's price rose above $64,000 on Monday, reversing earlier losses after supportive comments from President Donald Trump bolstered market sentiment. The rally offset initial selling pressure that followed a disclosure from major corporate Bitcoin holder MicroStrategy that it had recently sold a portion of its holdings.

As of late Monday, the world's largest cryptocurrency traded at $64,183.5, up approximately 1.7%, according to Investing.com data. The move builds on a nearly 5% gain from the previous week, which was driven by a softer-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve interest rate hikes.

Trump's Remarks Boost Sentiment

The positive turn for the market came after President Trump expressed a favorable view of digital assets. During an event at the Oval Office to launch a new government investment initiative, Trump told reporters he has "become a big crypto guy."

He stated that he is now a "fan" of cryptocurrencies and is "very much for" them, a shift he attributed to concerns about international competition, particularly from China. These comments provided a significant tailwind for digital asset prices during the trading session.

MicroStrategy Sale Weighed on Market

Ad

Earlier in the day, the market faced headwinds after a regulatory filing from MicroStrategy, the company founded by Michael Saylor, revealed it had sold 3,588 bitcoin for $216 million in a series of transactions last week.

The sales occurred in two tranches between June 29 and July 5 at average prices of $59,256 and $60,773. The company stated the proceeds were used for preferred stock distributions and to replenish its cash reserves. The filing also noted that MicroStrategy recorded a loss of $8.32 billion on its digital assets for the quarter ending June 30.

Market Context and Outlook

The market's sensitivity to macroeconomic data remains high, as higher interest rate environments typically increase the appeal of safer, yield-bearing assets over speculative ones like crypto. Investors will be closely watching for the minutes from the Federal Reserve's June meeting, due on Wednesday, for further clues on monetary policy.

In a potentially positive sign for market structure, spot Bitcoin ETFs recorded their first week of net inflows since mid-June, following eight consecutive weeks of outflows. This could indicate that the intense selling pressure seen in recent months may be starting to ease. Other major cryptocurrencies largely followed Bitcoin's trajectory, with Ethereum (ETH) gaining 1.5% to trade at $1,812.81.