Bitcoin rebounds after Trump backs crypto despite strategy sale
Bitcoin recovered on Monday after President Donald Trump publicly expressed his enthusiasm for cryptocurrencies, offsetting earlier losses triggered by fresh disclosures that major corporate holder Strategy had offloaded part of its holdings.
7th July 2026 – (New York) Bitcoin recovered on Monday after President Donald Trump publicly expressed his enthusiasm for cryptocurrencies, offsetting earlier losses triggered by fresh disclosures that major corporate holder Strategy had offloaded part of its holdings. The world’s largest digital currency was last trading at $63,853. 85, up about 1. 8 per cent on the day, having earlier slipped more than 2 per cent towards the $60,000 mark. The initial decline followed a regulatory filing revealing that Strategy had sold approximately $216 million worth of bitcoin in a series of transactions spanning late June and early July. At a White House news conference, Mr Trump described himself as having become “a big crypto guy” when asked whether bitcoin might be included in the newly launched Trump Accounts. The tax‑advantaged 503A savings vehicles, introduced over the holiday weekend, are designed to help children accumulate long‑term investments, primarily through broad‑market exchange-traded funds. Investors appeared encouraged by the president’s supportive remarks, particularly after weeks of subdued sentiment linked to Strategy’s shift in policy. The company, led by bitcoin advocate Michael Saylor, had previously pledged not to sell its digital asset holdings. Barclays analyst Ajay Rajadhyaksha said even limited disposals had dented confidence, especially after the group outlined a framework allowing further sales for capital allocation purposes. According to the filing, Strategy sold around $80. 8 million of bitcoin at an average price of $59,256 per token between 29 and 30 June, followed by an additional $135. 5 million between 1st and 5th July. The transactions reduce its holdings to 843,775 bitcoin, valued at roughly $52. 1 billion. The company’s average purchase price now stands at $75,476 per coin. Strategy first signalled in May that it would permit selective sales and reported a disposal of more than $2 million in early June, its first since 2022. Since then, bitcoin has largely traded between $60,000 and $70,000, briefly dipping to around $59,000 on 24 June — its lowest level since October 2024. Shares in Strategy rose 1 per cent on Monday, while its preferred stock, STRC, gained nearly 3 per cent, though it remains below its $100 par value. Cantor analyst Ramsey El‑Assal suggested the sales were aimed at stabilising the preferred shares, which he described as central to the company’s capital structure, rather than signalling a loss of faith in bitcoin itself.