Trump Comments Send Bitcoin Sharply Higher
Trump Comments Send Bitcoin Sharply Higher.
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Bitcoin (CRYPTO: $BTC) is sharply higher on the afternoon of July 6 after U.S. President Donald Trump made supportive comments about the cryptocurrency.
In speaking to the media, Trump showed public support for digital assets, saying "I've become a big crypto guy."
Trump was responding to a media question about whether Bitcoin will be added to recently launched Trump Accounts, which are savings vehicles for children.
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The positive comments from Trump led BTC to reverse higher during the day's trading session. Bitcoin began July 6th down near $60,000 U.S. By mid-afternoon, it was trading at $63,600 U.S.
The price of Bitcoin has swung from being down 1.8% on the day to rising more than 2%.
Bitcoin had been pressured earlier in the day by news that Michael Saylor's crypto treasury firm Strategy (NASDAQ: $MSTR) sold $216 million U.S. of Bitcoin over the past week.
Saylor had long promised investors that he would never sell Strategy's Bitcoin holdings.
The company said proceeds from the Bitcoin sales will be used to fund dividend payments on its preferred stock (NASDAQ: $STRC) and replenish its U.S. dollar reserves.
The sale of BTC by Strategy had unnerved investors and crypto bulls. However, Trump's supportive comments appear to have reassured many people about crypto.
Last week, it was revealed that Trump has made $1.4 billion U.S. in earnings from his various crypto ventures since returning to the White House last year.
MSTR stock is down 74% over the last 12 months and trading at $101.18 U.S. per share.
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