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

Bitcoin (BTC) surged past $64,000 on Monday, recovering from earlier session losses after supportive comments from President Donald Trump boosted market sentiment. The rally occurred despite initial selling pressure following a disclosure from MicroStrategy that it had sold a significant portion of its holdings.

The world's largest cryptocurrency was last trading up 1.7% at $64,183.5, according to Investing.com data. The move builds on a roughly 5% gain from the previous week, which was fueled by a softer-than-expected U.S. jobs report that tempered expectations for aggressive Federal Reserve rate hikes.

Trump's Comments Boost Sentiment

The market's intraday reversal was largely attributed to remarks from President Trump, who told reporters he has "become a big crypto guy." During an Oval Office event, Trump stated he was a "fan" of cryptocurrencies and was "very much for" them.

These positive comments from the U.S. leader provided a significant tailwind for digital assets, which had been under pressure earlier in the day. Investors will be watching for further monetary policy cues from the minutes of the Federal Reserve's June meeting, scheduled for release on Wednesday.

MicroStrategy Sale and Impairment Charge

Earlier on Monday, sentiment was weighed down by news from major corporate Bitcoin holder MicroStrategy. In a regulatory filing, the company revealed it sold a total of 3,588 bitcoin for proceeds of $216 million in a series of transactions last week.

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The sales were executed in two tranches:

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

MicroStrategy, founded by Michael Saylor, said the proceeds were used for preferred stock distributions and to replenish its cash reserves. The company also reported a substantial $8.32 billion loss on its digital assets for the quarter ended June 30.

Market Context and Altcoins

The recent price action comes amid shifting institutional flows. While spot Bitcoin ETFs experienced 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, or altcoins, largely tracked Bitcoin's positive move. Ethereum (ETH) gained 1.5% to trade at $1,812.81, while XRP added 0.5%. However, Cardano (ADA) shed 2.5%, indicating some divergence in the broader market.