Bitcoin Surges as NYSE Fights for Trump ETF and Crypto Mortgages Emerge
bitcoin Surges Past $108,000 Amid Market Developments
Cryptocurrency Market Overview
On Wednesday, the value of bitcoin experienced a notable increase, surpassing the $108,000 mark during intraday trading. This rise comes as investors remain optimistic, seemingly unfazed by ongoing geopolitical tensions in the Middle East, while the stock market approaches record highs.
Mixed Performance in Altcoins
Despite bitcoin‘s impressive performance, the trading landscape for other cryptocurrencies was less stable. Ether and solana both experienced slight declines in the afternoon session, indicating a mixed sentiment among investors in the altcoin market.
Regulatory Insights from Washington, D.C.
Recent developments in Washington, D.C., have significantly influenced the cryptocurrency narrative. Federal Reserve Chair Jerome Powell addressed the Senate Banking Committee, highlighting the substantial growth and integration of the stablecoin sector into the broader financial ecosystem over recent years.
Potential Mortgage Innovations
In a related move, William Pulte, the director of the Federal Housing Finance Agency, may have positively impacted bitcoin‘s appeal by directing Fannie Mae and Freddie Mac to explore the potential for cryptocurrency holdings to be considered in mortgage qualification processes.
Legislative Efforts in Crypto Regulation
Following the introduction of a new bill aimed at establishing comprehensive regulations for cryptocurrencies, Senator Cynthia Lummis, who leads the Senate Banking subcommittee focused on digital assets, discussed the proposed legislation on CNBC’s “Squawk Box.” She emphasized the importance of the U.S. taking a proactive role in crypto regulation, noting that similar frameworks are already in place in various international markets.
NYSE Advocates for Crypto ETF
In a significant development, the New York Stock Exchange has expressed support for a proposed cryptocurrency exchange-traded fund (ETF) linked to Truth Social, a platform associated with former President Trump. The NYSE is seeking a regulatory change to facilitate the launch of this bitcoin and ethereum ETF, which could be approved by the SEC within the next three months, furthering Trump’s venture into the digital asset space.
Major Investment in Digital Assets
In other news, Crypto World interviewed Yuval Rooz, CEO of Digital Asset, who recently announced a successful fundraising round of $135 million. This investment, backed by prominent financial institutions such as Goldman Sachs and Citadel Securities, aims to bolster the company’s initiatives and capitalize on emerging opportunities in the cryptocurrency market.
For further insights, watch the video above to hear Rooz’s perspective on this significant funding round.
