Bitcoin

BTC $107,672.94 continued its gentle rise on Wednesday as Fannie Mae and Freddie Mac, critical in issuing U.S. mortgages, were instructed by William Pulte, Director of the Federal Housing Finance Agency (FHFA), to prepare for accepting cryptocurrencies as part of applicants’ assets.

Back above $107,000, Bitcoin is up 2.2% in the last 24 hours, outperforming the CoinDesk 20’s 0.5% advance. Bitcoin Cash (BCH $487.91) was a notable outperformer, rising 7.4%. BTC’s dominance continues to rise, now holding almost 66% of the total crypto market value, up from 39% in November 2023.

Today’s action may be influenced by FHFA Director William Pulte’s announcement that borrowers can soon utilize their crypto holdings for loans. Strive CEO Matt Cole commented that this development makes it substantially easier for Bitcoin holders to purchase homes without liquidating their assets and implies the U.S. government is accepting Bitcoin risk through Fannie/Freddie mortgage loans.

Additionally, a ceasefire brokered by Trump between Israel and Iran may also be contributing to Bitcoin’s price increase despite its reputation as a safe haven. Charlie Morris, founder of ByteTree, noted that Bitcoin benefits from peace situations whereas gold typically peaks during conflicts.

In the crypto stock market, activity has been mixed. Bitcoin miner CleanSpark (CLSK) rose 6.7%, while CoreWeave (CORZ) dropped the same amount. Circle (CRCL) fell 11% today and has decreased by about 33% since its peak Monday, currently trading at $198.62, still over six times its IPO price of $31.