Bitcoin continued $BTC
Its slight rise on Wednesday came as William Bolt, administrator of the Federal Housing Finance Agency (FHF), ordered Fannie Mae and Freddie Mac — which play a pivotal role in issuing mortgages to American homeowners — to prepare to accept cryptocurrencies as part of applicants’ assets.
With its return above $107,000, the leading cryptocurrency rose 2.2% over the past 24 hours, outperforming the 0.5% advance of CoinDesk 20. Bitcoin Cash ($BCH
) was among the notable performers, rising by 7.4%.
Additionally, the dominance of #BTC continues to rise, with nearly 66% of the total cryptocurrency market value now concentrated in the orange coin, up from 39% in November 2023.
Today's move may be partly due to FHFA Director William Bolt sharing on social media that borrowers will soon be able to leverage their cryptocurrency holdings for loan purposes.
“This is important on two levels,” Strive CEO Matt Cole posted on the X platform. “[It] makes it significantly easier for Bitcoin holders to buy a home without selling their Bitcoin. [And] the US government takes on the risk of Bitcoin as the US government implicitly guarantees Fannie/Freddie mortgage loans.”
The Trump-brokered ceasefire between Israel and Iran may also be driving Bitcoin's price higher, despite the asset's reputation as a potential safe haven investment. "Gold loves war, while Bitcoin loves peace," said Charlie Morris, founder of financial services firm B,yte,,Tree. "Gold peaked before the hostilities in the Middle East, while Bitcoin fell. Once it seemed likely that the hostilities would be contained, Bitcoin rose and gold fell."
Meanwhile, cryptocurrency stocks remained relatively subdued, with notable exceptions including Bitcoin mining company Clean Spark (CLSK), which rose 6.7%, while fellow miner Core Weave (CORZ) fell the same. There was also Circle (CRCL), which fell another 11% today and is now down about 33% since Monday's peak of nearly $300 per share. At the current price of $198.62, the stock is still more than six times its IPO price of $31.