Bitcoin Climbs Past $64,000 as Trump Comments Offset Corporate Sell-Off

Bitcoin reversed earlier losses to climb above $64,000 on Monday, with supportive comments from President Donald Trump outweighing news of a significant sale by a major corporate treasury holder. The leading cryptocurrency was last trading up 1.7% at $64,183.5, according to Investing.com data.

Market Reverses on Trump Comments

The market's sentiment shifted after President Trump expressed a positive view on digital assets. During an event at the Oval Office, when asked if Bitcoin might be included in a new government-backed investment initiative, Trump stated, "I’ve become a big crypto guy."

Trump added that he was a "fan" of cryptocurrencies and was "very much for" them, a notable change from his previous skepticism. This high-profile endorsement helped trigger a recovery in prices, reversing the negative momentum from earlier in the session.

Strategy's Bitcoin Sale Pressures Market

Earlier on Monday, the market faced downward pressure after a regulatory filing from the corporate holder Strategy revealed it had sold a substantial amount of its Bitcoin holdings. The firm, a prominent corporate investor in the asset, offloaded a total of 3,588 bitcoin for proceeds of $216 million.

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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 would be used for preferred stock distributions and to replenish its cash reserves. The filing also disclosed that the firm recorded an $8.32 billion loss on its digital assets for the quarter ending June 30.

Broader Market Context

Bitcoin's recent strength follows a nearly 5% gain last week, which was spurred by a weaker-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve rate hikes. 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, market flow data shows that while crypto-linked exchange-traded funds saw eight consecutive weeks of outflows, last week marked the first net inflow since mid-June, suggesting selling pressure may be starting to ease. Other major cryptocurrencies largely followed Bitcoin's lead, with Ethereum gaining 1.5% to trade at $1,812.81.