U.S., Iran exchange further strikes; PepsiCo to report - what’s moving markets
Investing.com -- Bitcoin on Monday reversed losses to climb higher, topping $64,000 after President Donald Trump spoke positively about cryptocurrencies. Sentiment had come under pressure earlier after top corporate holder Strategy disclosed sales of bitcoin.
The world’s largest cryptocurrency was last up 1.7% to $64,183.5 at 17:41 ET (21:41 GMT). It had jumped roughly 5% last week, rebounding from a 21-month low on the back of a softer-than-expected U.S. jobs report that dented Federal Reserve rate hike expectations. Higher rate environments generally tend to weigh on speculative assets such as crypto. Further cues on the Fed’s monetary policy actions will be gleaned from Wednesday’s minutes of the central bank’s June meeting.
Bitcoin’s slide last week also came amid an eight straight week of outflows from spot exchange-traded funds tied to the crypto. Still, in a positive sign, last week also recorded the first net inflow since mid-June, hinting that selling pressure might be easing.
Get premium crypto market insights with InvestingPro - now 60% off
Strategy again sells, posts over $8 billion quarterly loss
Strategy on Monday in a regulatory filing revealed multiple sales last week of a total of 3,588 bitcoin for proceeds of $216 million. This was the firm’s second time shedding bitcoin this year and a further reversal of the company’s earlier promises to never sell.
Strategy sold bitcoin in two separate transactions, first selling 1,363 bitcoin between June 29 and June 30 for $80.8 million at an average price of $59,256, followed by an additional 2,225 bitcoin between July 1 and July 5 for $135.2 million at an average price of $60,773. The proceeds were used to fund preferred stock distributions and replenish the company’s USD reserve.
The Michael Saylor-founded company also said that for the three months ended June 30, it recorded a loss of $8.32 billion on digital assets.
Trump praises crypto
Crypto market participants later in the session received some positive rhetoric from President Trump. He was joined by representatives from the New York Stock Exchange and Nasdaq to jointly ring the opening bell at the Oval Office in a first-of-its-kind event. The occasion marked the launching of Trump Accounts, a government initiative to provide an investment vehicle for U.S. children.
When asked by reporters whether bitcoin might be added to Trump Accounts, the U.S. leader said "well...I’ve become a big crypto guy."
Trump said he was a "fan" of cryptocurrencies and that he was "very much for" it. He added that he hadn’t been a fan initially, and that he embraced it because of concerns that China might "have it."
Crypto prices today: altcoins largely track Bitcoin higher
Turning to broader crypto prices, most altcoins followed Bitcoin into positive territory.
World no.2 crypto Ethereum gained 1.5% to $1,812.81, while XRP added 0.5% to $1.1510.
Solana ticked up 0.9%, but Cardano shed 2.5%.
Among memecoins, Dogecoin was down 0.6%.
Ayushman Ojha and Scott Kanowsky contributed to this article
How much is hesitation costing you?
Every day you wait is a day the market moves without you. InvestingPro puts institutional-grade data and AI-powered insights in your hands—without the institutional price tag.
Stop waiting. Start investing with confidence.