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

Bitcoin's price reversed earlier losses on Monday to trade above $64,000. The leading cryptocurrency was last reported up 1.7% at $64,183.5. The upward momentum came after sentiment was initially dampened by news that MicroStrategy, a major corporate holder of the asset, had disclosed recent sales.

The recovery was largely attributed to comments from President Donald Trump. During an event at the Oval Office, Trump described himself as a "big crypto guy" and a "fan" of cryptocurrencies. He noted that while he was not initially a supporter, he embraced it due to concerns that China might dominate the sector. The remarks were made while launching a government initiative called Trump Accounts, an investment vehicle for U.S. children.

Earlier in the day, market sentiment was under pressure after a regulatory filing from MicroStrategy revealed it had sold a total of 3,588 bitcoin for $216 million. The sales occurred in two transactions between June 29 and July 5. The company stated the proceeds were used to fund preferred stock distributions and replenish its US dollar reserves. For the quarter ending June 30, the firm also reported a loss of $8.32 billion on its digital assets.

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The price action follows a strong prior week for Bitcoin, where it rebounded from a 21-month low. That recovery was linked to a softer-than-expected U.S. jobs report, which eased expectations for aggressive Federal Reserve rate hikes. Market participants are now awaiting the minutes from the Fed's June meeting for further insights into monetary policy. In another sign of shifting sentiment, last week saw the first net inflow into spot Bitcoin ETFs since mid-June, following eight consecutive weeks of outflows.