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

Bitcoin (BTC) reversed earlier losses to trade above $64,000 on Monday, as supportive comments from President Donald Trump outweighed selling pressure from major corporate holder MicroStrategy.

As of 17:41 ET, the world's largest cryptocurrency was up approximately 1.7% to $64,183.5, according to Investing.com data. The move builds on a rally last week that was sparked by a softer-than-expected U.S. jobs report, which eased investor concerns about aggressive Federal Reserve rate hikes.

Key Market Movers

Sentiment turned positive after President Trump described himself as a "big crypto guy" during an event at the Oval Office. According to reports, the president stated he was a "fan" of cryptocurrencies and "very much for" it, a shift from his previous skepticism which he attributed to concerns about China's influence in the sector.

This optimism counteracted bearish news from MicroStrategy. In a regulatory filing, the company disclosed it had sold a total of 3,588 bitcoin for $216 million in proceeds. The sales occurred in two tranches between June 29 and July 5 at average prices of $59,256 and $60,773. The firm also reported an $8.32 billion loss on its digital assets for the quarter ended June 30.

Market Context and Outlook

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Higher interest rate environments typically weigh on speculative assets like cryptocurrencies. Investors are now looking ahead to Wednesday's release of the minutes from the Federal Reserve's June meeting for further clues on the central bank's monetary policy path.

Investor flows also signal a potential shift in sentiment. While spot Bitcoin exchange-traded funds (ETFs) recently experienced eight consecutive weeks of outflows, last week marked the first net inflow since mid-June, suggesting that selling pressure may be abating.

Broader Crypto Performance

Most alternative cryptocurrencies, or altcoins, tracked Bitcoin's gains on Monday.

• Ethereum (ETH): The second-largest crypto gained 1.5% to trade at $1,812.81.
• XRP: Added 0.5% to reach $1.1510.
• Solana (SOL): Ticked up 0.9%, while Cardano (ADA) was an outlier, shedding 2.5%.