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

Bitcoin's price reversed earlier losses to climb above $64,000 on Monday, as supportive comments on cryptocurrency from President Donald Trump outweighed news that major corporate holder MicroStrategy had sold a portion of its holdings. The leading digital asset was last trading at $64,183.5, a gain of 1.7%, according to data from Investing.com.

Political Tailwinds vs. Corporate Selling

Market sentiment improved after President Trump expressed a positive view on digital assets. During an event for a new government investment initiative, Trump told reporters he has "become a big crypto guy" and is "very much for" the asset class, a shift from his previous skepticism.

This positive political rhetoric helped the market absorb news of significant selling from MicroStrategy. In a regulatory filing on Monday, the business intelligence firm disclosed it had sold a total of 3,588 bitcoin for proceeds of $216 million in several transactions last week. The filing also noted the company recorded a loss of $8.32 billion on its digital assets for the quarter ended June 30.

MicroStrategy's Sale Details

• June 29-30: Sold 1,363 BTC for $80.8 million at an average price of $59,256.
• July 1-5: Sold an additional 2,225 BTC for $135.2 million at an average price of $60,773.

Broader Market Context

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Bitcoin's advance builds on a roughly 5% gain from the previous week, which was driven by a softer-than-expected U.S. jobs report. That data eased investor concerns about aggressive Federal Reserve interest rate hikes, which tend to dampen appetite for speculative assets like cryptocurrencies. Investors are now looking ahead to the release of the Fed's June meeting minutes on Wednesday for further clues on monetary policy.

Data on investment flows has been mixed. While crypto-related funds saw outflows for eight consecutive weeks, last week marked the first net inflow since mid-June, suggesting that the most intense selling pressure may be subsiding.

Altcoins Show Mixed Performance

Other major cryptocurrencies largely tracked Bitcoin's positive move. Ethereum, the second-largest crypto, gained 1.5% to trade at $1,812.81, while XRP added 0.5%.

However, performance was not uniform across the market. While Solana ticked up 0.9%, Cardano shed 2.5% and the memecoin Dogecoin was down 0.6%.