Key Points
- Several US states are making progress with pro-Bitcoin policies amidst market uncertainty due to large-scale Mt. Gox Bitcoin transfers.
- Bitcoin price remains volatile due to a mix of institutional adoption and selling pressure from traders.
The cryptocurrency regulatory landscape in the United States is changing rapidly. Numerous states are implementing pro-Bitcoin policies, while the market faces uncertainty due to large-scale Bitcoin transfers by Mt. Gox.
The volatility of the Bitcoin price action reflects the struggle between institutional adoption and selling pressure from traders.
US States and Bitcoin Adoption
In Arizona, two critical digital asset reserve bills, SB 1373 and SB 1025, have cleared the House Rules Committee. These drafts are now awaiting a vote which will determine their fate.
If these bills are approved, Arizona will be authorized to hold crypto reserves, including Bitcoin seized from criminals over the years or in the future.
The Arizona Strategic Bitcoin Reserve Act (SB 1025) would allow 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 obstacle remains Arizona’s Democratic governor, Katie Hobbs, who is 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.
Likewise, 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.
Mt. Gox’s Massive Bitcoin Transfers
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 Price Analysis
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.
