Story
Bitcoin Climbs Past $64,000, Boosted by Presidential Comments
Summary
The price of Bitcoin surpassed $64,000 on Monday, reversing earlier losses after positive remarks from President Donald Trump. The rally offset downward pressure from news that a major corporate holder had sold a significant amount of the cryptocurrency.
Bitcoin's price rose above $64,000 on Monday, with the world's largest cryptocurrency last trading up 1.7% at $64,183.5. The asset recovered from earlier declines following supportive comments about the digital asset class from U.S. President Donald Trump.
Earlier in the session, market sentiment was pressured by a regulatory filing from the Michael Saylor-founded company, Strategy. The firm disclosed it had sold 3,588 bitcoin last week in multiple transactions for total proceeds of $216 million. The company also reported a loss of $8.32 billion on its digital assets for the three months ending June 30.
The market trend appeared to reverse after President Trump expressed a favorable view of cryptocurrencies. During an event at the Oval Office, he stated, "I’ve become a big crypto guy," and noted he was a "fan" of the asset class. The comments were made in response to questions during the launch of a government investment initiative.
AdThe recent price movement follows a period of volatility. Bitcoin's value had risen approximately 5% in the prior week, partly due to a U.S. jobs report that tempered expectations for Federal Reserve rate hikes. Investors are awaiting the minutes from the Fed's June meeting for further monetary policy cues. Data also showed that while spot ETFs linked to the cryptocurrency saw outflows for eight straight weeks, the most recent week recorded the first net inflow since mid-June.
Other major cryptocurrencies largely followed Bitcoin's upward trend. Ethereum saw a 1.5% gain to trade at $1,812.81, and XRP added 0.5% to reach $1.1510.