Bitcoin rises after Trump comments on crypto

Bitcoin rose on Monday after U.S. President Donald Trump said he had become supportive of cryptocurrency during remarks at a news conference. The move came after the token had fallen earlier in the session. The decline earlier in the day followed a filing from Strategy showing the company had sold about $216 million worth of bitcoin in recent transactions. The sales added pressure to sentiment around the cryptocurrency, which has recently traded mostly between $60,000 and $70,000. Strategy’s disclosure also highlighted a shift in the company’s approach to its bitcoin holdings. Analysts said the sales may have been aimed at supporting the firm’s preferred stock rather than signaling a view on bitcoin itself. Shares of Strategy and its preferred stock both moved higher on the day.