Americas Crypto Market Update: Bitcoin Temporarily Drops Below $108,000, But Bullish Momentum Remains

By Omkar Godbole (All times ET unless otherwise specified). The institutional adoption of bitcoin and the broader cryptocurrency market has been a gradual yet sudden process. This trend began in 2020 when MicroStrategy, then known as Strategy, added BTC to its balance sheet. Now, the head of the U.S. government agency overseeing Fannie Mae and Freddie Mac is urging the mortgage giants to consider homebuyers' cryptocurrency holdings when purchasing mortgages from banks. Following an extensive study and in line with President Trump's vision for the United States to become the global crypto hub, I have instructed Fannie Mae and Freddie Mac to prepare for counting cryptocurrency as an asset for mortgage applications. This move is officially ordered, stated Bill Pulte, director of the Federal Housing Finance Agency, on X. The integration of cryptocurrency into the housing market of the world's largest economy is likely to further boost the ongoing bull momentum in BTC and other cryptocurrencies. Additionally, the Federal Reserve has introduced a long-awaited plan to reform bank capital requirements, which could significantly enhance big banks' ability to create credit and is a positive development for risk assets. It is not surprising that BTC, which is highly sensitive to fiat liquidity conditions, has extended its gains over the past 24 hours, briefly surpassing $108,000. The overall market capitalization is rapidly approaching a volatility threshold, according to FxPro analyst Alex Kuptsikevich. The crypto market cap has increased by another 1% to $3.31 trillion, reaching the threshold of increased volatility. A turning point lies just above this range, between $3.40-3.55 trillion, which has historically triggered seller activation and prevented the market from consolidating at higher levels, Kuptsikevich noted in an email. He also mentioned a rise in the Fear and Greed Index to 74, just one point shy of the extreme greed zone. In other news, spot BTC ETFs have recorded a net inflow of $548 million, marking 12 consecutive days of positive flows. Metaplanet has purchased an additional 1,234 BTC, a day after announcing a $515 million raise to fund its treasury strategy. Meanwhile, Nasdaq-listed Bit Digital has announced a strategic shift to become a pure-play ether staking and treasury company. The Hong Kong Government has issued a policy statement on the development of digital assets, focusing on streamlining regulatory aspects, expanding the range of tokenized products, and advancing use cases and cross-sectoral collaboration. In traditional markets, futures tied to the Nasdaq index have risen to record highs, indicating continued risk-on sentiment, while the dollar index continues to decline. Remain alert. Key Events to Watch Token Events Conferences The CoinDesk Policy & Regulation conference, formerly known as State of Crypto, is a boutique event scheduled for September 10 in Washington. This one-day event allows general counsels, compliance officers, and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited; use code CDB10 for a 10% discount on registration through July 17. Token Talk By Shaurya Malwa Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities As of June 30, Galaxy's Nasdaq listing will be denominated in U.S. dollars instead of the Canadian-dollar-denominated listing on the TSX. ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether