As Mt. Gox moved over a billion dollars in Bitcoin, Kentucky and Arizona welcomed pro-crypto developments, suggesting massive adoption levels.
By Parth Dubey
Updated
3 mins read
The landscape of cryptocurrency regulation in the United States is rapidly evolving, with several states pushing forward pro-Bitcoin policies while market uncertainty looms due to Mt. Gox’s large-scale Bitcoin BTC $88 283 24h volatility: 0.1% Market cap: $1.75 T Vol. 24h: $29.25 B transfers.
As regulatory clarity emerges in key states, Bitcoin price action remains volatile, reflecting a tug-of-war between institutional adoption and selling pressure from traders.
Arizona saw two strategic digital asset reserve bills, SB 1373 and SB 1025, clearing the House Rules Committee. Importantly, the two drafts are now headed for a complete vote which will decide their destiny.
If approved, Arizona will be able to hold crypto reserves which will include Bitcoin seized from criminals over the years or in the future.
The Arizona Strategic Bitcoin Reserve Act (SB 1025) would permit the state’s treasury and retirement system to allocate up to 10% of its funds into Bitcoin. The legislation also makes provisions for a potential federal Bitcoin reserve.
However, the final hurdle remains Arizona’s Democratic governor, Katie Hobbs, known for her high veto rate.
Meanwhile, Kentucky has taken a proactive approach in securing Bitcoin rights for its residents.
Governor Andy Beshear signed the “Bitcoin Rights” bill (House Bill 701) into law, solidifying protections for self-custody, node operation, and digital asset usage.
The law also prevents discriminatory zoning regulations against Bitcoin mining while exempting miners from money transmitter license requirements.
Similarly, Texas has advanced its Strategic Bitcoin Reserve Bill (SB-21), which recently passed the Senate with a 25-5 vote. The bill still needs approval from the House and the governor’s signature to become law.
Other states such as Oklahoma and Utah are also advancing Bitcoin-friendly legislation. Oklahoma’s Bitcoin Reserve Bill (HB1203) passed the House with overwhelming support (77-15) and now moves to the Senate for final approval.
While US states are embracing Bitcoin, the market has been rattled by large-scale BTC movements linked to the defunct exchange Mt. Gox.
On March 25, Mt. Gox transferred 11,501.4 BTC worth approximately $1 billion across two wallets.
10,608 BTC ($929.7 million) was sent to a new wallet and 893.4 BTC ($78.3 million) transferred to a warm wallet, with speculation that this may soon be liquidated.
Earlier in March, the exchange moved 12,000 BTC when Bitcoin was trading at $92,000, leading to a nearly 7% price correction.
Bitcoin is currently trading at $86,523.60, down 0.5% in the past 24 hours, but remains above the 20-day exponential moving average (EMA) at $85,629, CoinMarketCap data shows.
The Relative Strength Index (RSI) stands at 50.26, hovering near neutral territory, suggesting neither overbought nor oversold conditions.
Bollinger Bands (BB) show BTC consolidating within the middle range, with upper and lower bands at $89,439 and $79,236, respectively.
A break above $89,439 could signal a bullish reversal, while a drop below $79,236 may indicate a deeper correction.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.