Bitcoin Price Surge
Bitcoin rose 1.7% to $64,183.5 at 17:41 ET (21:41 GMT) on Monday, reaching above $64,000 after President Donald Trump expressed support for cryptocurrencies.
Trump’s Crypto Comment
During a ceremony opening the Oval Office “Trump Accounts” initiative, Trump, accompanied by NYSE and Nasdaq representatives, said he had become “a big crypto guy” and was “very much for” crypto, suggesting possible inclusion in the new account offering.
Strategy’s Bitcoin Sales
MicroStrategy (referred to as “Strategy”) disclosed in a regulatory filing that it sold a total of 3,588 Bitcoin between June 29 and July 5 for $216 million. The first tranche of 1,363 Bitcoin was sold between June 29‑30 at an average price of $59,256, generating $80.8 million. The second tranche of 2,225 Bitcoin was sold between July 1‑5 at an average price of $60,773, generating $135.2 million. Proceeds were allocated to preferred‑stock distributions and to replenish the company’s U.S. dollar reserve.
Quarterly Digital‑Asset Loss
For the three months ended June 30, Strategy reported an $8.32 billion loss on its digital‑asset holdings, marking a substantial quarterly decline.
Market Context
The price rally followed a softer‑than‑expected U.S. jobs report that reduced expectations of further Federal Reserve rate hikes, a factor that typically depresses speculative assets. Investors will look to the Fed’s June meeting minutes, due Wednesday, for further guidance.
Crypto‑ETF Flows
Bitcoin’s prior week decline coincided with an eight‑week streak of outflows from spot Bitcoin exchange‑traded funds, though the week ending mid‑June recorded the first net inflow since mid‑June, indicating a possible easing of selling pressure.
Altcoin Performance
Ethereum rose 1.5% to $1,812.81, XRP increased 0.5% to $1.1510, Solana gained 0.9%, while Cardano fell 2.5% and Dogecoin slipped 0.6%.