Trump Buoys Crypto Market with 'Big Crypto Guy' Comment

Strategy, a corporate buyer of Bitcoin, recently disclosed in a regulatory filing that it had sold about $216 million worth of the cryptocurrency. This is the second time this year that Strategy has sold some of its Bitcoin reserves.

The sale comes as Strategy posted a $12.54 billion net loss in the first quarter of this year due to the price of Bitcoin slumping.

On July 6, President Donald Trump said he's 'become a big crypto guy,' which led to a rebound in the cryptocurrency market, with Bitcoin rising by 1.8% later that day.

Crypto markets are notoriously volatile and sensitive to news cycles, making it difficult for investors to predict price movements.