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

Bitcoin's price pushed above $64,000 on Monday, as positive remarks on digital assets from President Donald Trump outweighed selling pressure from one of the cryptocurrency's largest corporate investors, MicroStrategy. The leading cryptocurrency was trading at $64,183.5, a gain of 1.7%, according to Investing.com data.

Trump Endorses Crypto

Market sentiment improved after President Trump expressed a favorable view of cryptocurrencies during an event at the Oval Office. When asked by reporters if Bitcoin could be included in a new government investment initiative, Trump stated, "I’ve become a big crypto guy."

The President added he was a "fan" of cryptocurrencies and was "very much for" the asset class, a shift from his previous skepticism. He noted that concerns about China's role in the sector contributed to his change in perspective.

MicroStrategy Sale Details

Earlier in the session, the market had faced headwinds after MicroStrategy disclosed significant Bitcoin sales in a regulatory filing. The company reported selling a total of 3,588 bitcoin for proceeds of $216 million in two separate sets of transactions last week:

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

MicroStrategy stated the proceeds would be used for preferred stock distributions and to replenish its cash reserves. The filing also revealed the company recorded a loss of $8.32 billion on its digital asset holdings for the quarter ending June 30.

Market Context and Outlook

The price action follows a nearly 5% gain for Bitcoin last week, which was spurred by a softer-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve rate hikes. Higher interest rates typically reduce the appeal of 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. In another potentially positive sign, spot Bitcoin ETFs recorded their first week of net inflows since mid-June, following eight consecutive weeks of outflows, suggesting that institutional selling pressure may be abating.