The Texas House of Representatives is advancing a bill to establish a Bitcoin reserve, reflecting the increasing influence of cryptocurrency in the state's economy.
Bitcoin Reserve Bill in Texas
Texas has adopted Senate Bill 21, proposing the creation of a state-managed Bitcoin reserve fund. The bill, which received bipartisan support, passed with a vote of 105-23. This initiative aims to make Bitcoin a hedge against inflation and strengthen Texas’s economic stance amidst growing interest in cryptocurrencies.
Bitcoin Shows Bullish Trend
Bitcoin continues its growth, recovering from a 29% drop in Q1. Since bottoming out in April, BTC has surged over 42% and is currently trading around $107,700. The increase in trading volume during the April-May rally supports the bullish trend.
Bitcoin Approaches New Resistance Zone
Bitcoin is testing the resistance zone at $110,000, which previously served as support. A break above this level could lead to new highs, signaling a continuation of the upward trend.
The advancement of the Bitcoin reserve bill in Texas and the recovery in cryptocurrency prices emphasize the growing role of digital assets in the state's financial system and its investment strategies.
