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

Bitcoin's price rose on Monday, surpassing the $64,000 mark after initially facing downward pressure. The recovery was largely fueled by supportive comments on cryptocurrency from former President Donald Trump, which helped the market absorb news of recent sales by major corporate investor MicroStrategy Inc.

As of 17:41 ET, the world's largest cryptocurrency was trading at $64,183.5, an increase of 1.7% for the session, according to Investing.com data.

Dueling Market Catalysts

The market contended with conflicting signals on Monday. Negative sentiment emerged after a regulatory filing from MicroStrategy revealed it had sold a total of 3,588 bitcoin for proceeds of $216 million in a series of transactions last week.

• The company first sold 1,363 bitcoin between June 29 and June 30 at an average price of $59,256.
• A subsequent sale of 2,225 bitcoin occurred between July 1 and July 5 at an average price of $60,773.

MicroStrategy, which reported a digital asset loss of $8.32 billion for the quarter ending June 30, stated the proceeds would be used for preferred stock distributions and to replenish its cash reserves. The sale marks a notable reversal from the company's previous statements about never selling its holdings.

However, the market mood shifted following remarks from Donald Trump. During an event for a new government investment initiative, Trump reportedly called himself a "big crypto guy" and expressed that he was "very much for" the asset class, a notable change from his past skepticism.

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Broader Economic Context

Bitcoin's recent price action follows a nearly 5% gain last week, driven by a softer-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve rate hikes. A higher interest rate environment typically dampens investor appetite for speculative assets like cryptocurrencies.

Investors are now looking ahead to the release of minutes from the Fed's June meeting on Wednesday for further clues on monetary policy. Meanwhile, data on crypto exchange-traded funds (ETFs) showed the first week of net inflows since mid-June, potentially signaling that recent selling pressure may be subsiding after eight consecutive weeks of outflows.

Altcoin Performance

Other major cryptocurrencies largely followed Bitcoin's upward trend. Ethereum, the second-largest crypto, gained 1.5% to trade at $1,812.81. Other notable movers included:

• XRP: +0.5% to $1.1510
• Solana: +0.9%
• Cardano: -2.5%