This week, the crypto market experienced volatile events. Bitcoin fell below $100,000, while SEI tokens captured attention with their sharp rise.
Bitcoin Price Drop
Following US military strikes on Iran's nuclear sites, Bitcoin's price dropped to $98,500 on June 22, marking its first fall below the $100K mark since May. This turmoil sparked widespread risk aversion among investors, leading to $855 million in liquidations. However, Bitcoin managed to rebound, reaching a weekly high of $107,588.
Institutional Moves in Crypto
The US Federal Housing Finance Agency (FHFA), led by Bill Pulte, announced plans to study the use of cryptocurrency holdings in mortgage qualification criteria. This potential shift could drastically change lending practices in the US, although numerous regulatory hurdles remain.
SEI Surge and Other Notable Events
SEI's price skyrocketed by 70%, reaching $0.3319, fueled by Circle's IPO filing disclosing significant SEI holdings. Additionally, the NYSE filed to list an ETF that allocates 75% to Bitcoin and 25% to Ethereum.
The week has been eventful, with Bitcoin facing significant price fluctuations, while tokens like SEI showed notable growth. Alongside changes in institutional policies, the crypto market remains influenced by geopolitical factors.
