Bitcoin Surpasses $64,000 as Trump Comments Overshadow MicroStrategy Sale

Bitcoin (BTC) climbed above $64,000 on Monday, as supportive comments from President Donald Trump helped the digital asset shake off earlier selling pressure prompted by a newly disclosed sale from major corporate holder MicroStrategy.

As of late afternoon trading, the world's largest cryptocurrency was up 1.7% to $64,183.5, reversing earlier losses and building on a recent recovery.

Political Tailwinds Meet Corporate Headwinds

Crypto market sentiment received a boost after President Trump told reporters he has "become a big crypto guy" and is "very much for" the asset class. The comments came during an event for a new government investment initiative.

This positive rhetoric helped offset news from MicroStrategy, which is known for its large Bitcoin treasury. In a regulatory filing, the company disclosed it sold 3,588 bitcoin for proceeds of $216 million in late June and early July. The firm noted the funds were used for preferred stock distributions and to replenish cash reserves. MicroStrategy also reported a quarterly loss of $8.32 billion on its digital asset holdings.

Market Context and Investor Sentiment

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Monday's price action continues a rebound for Bitcoin, which gained roughly 5% last week. The recent strength was partly fueled by a softer-than-expected U.S. jobs report that eased market fears of aggressive Federal Reserve rate hikes. Higher interest rate environments typically exert downward pressure on speculative assets, including cryptocurrencies.

Investor sentiment may also be stabilizing. After eight consecutive weeks of outflows, spot Bitcoin exchange-traded funds (ETFs) recorded their first week of net inflows since mid-June, suggesting selling pressure could be abating. Investors will be closely watching the minutes from the Fed's June meeting, set for release on Wednesday, for further clues on monetary policy.

Broader Crypto Market Performance

Most other major cryptocurrencies tracked Bitcoin's gains. Key altcoin performance included:

• Ethereum (ETH): Gained 1.5% to trade at $1,812.81.
• XRP: Added 0.5% to $1.1510.
• Solana (SOL): Ticked up 0.9%.
• Cardano (ADA): Shed 2.5%, underperforming the broader market.