Day: May 3, 2025

Arizona Governor Katie Hobbs Vetoes Strategic Bitcoin Reserve Legislation

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Arizona Governor Katie Hobbs has vetoed the anticipated Bitcoin reserve legislation, halting the state’s plans for crypto investment.

 

Arizona is the first U.S. state to pass a strategic Bitcoin reserve legislation. Following the Senate’s approval of investing state retirement funds in Bitcoin reserves on 28th of April, 2025, the bill has been awaiting the governor’s sign. In a turn of events, Arizona Governor Katie Hobbs has put a roadblock on the bill, citing that Bitcoin is a “virtual currency”.

 

According to the official letter, Katie Hobbs responded;

Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency

 

Following this veto, crypto enthusiasts and Bitcoin maximalists have expressed mixed feelings. Some crypto analysts are surprisingly trying to estimate the projected losses that await Arizona state in the coming years, if Bitcoin reserves face complete rejection.

As legislators remain resilient in their decisions, the market anticipates positive approaches in the coming months while monitoring committee stages in other states.

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partyushgoyal

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Ripple Moves 1B XRP from Escrow amid Circle Buyout Speculation

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Ripple has unlocked 1 billion XRP from its escrow, raising eyebrows about its market moves. Is Circle acquisition on the cards?

 

On May 3, blockchain data showed that Ripple completed three separate transactions: 200 million, 300 million, and 500 million XRP sent to two wallets linked to the company. This action follows a new trend: Ripple locks 700 million XRP before starting its usual monthly release, which differs from its previous practice of locking tokens after the release.

The timing of this large-scale XRP movement is drawing market attention amid rumors that Ripple is actively attempting to acquire Circle, the company behind the USDC stablecoin. This move comes following a growing demand for stablecoins in the market.

Reports say that an initial $5 billion offer was rejected, and Ripple has reportedly raised its offer to $20 billion. Although neither company has confirmed these discussions, sources suggest that this move fits Ripple’s recent shift from plans for an IPO to expanding aggressively through acquisitions.

The market’s reaction to the news has been quiet, with XRP trading between $1.96 and $2.50. The $2.25 mark is acting as a key resistance level. Analysts say momentum indicators hint at a possible short-term dip, but the long-term outlook is still cautiously optimistic. 

 

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partyushgoyal

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TRON TRX Eyes Breakout while THIS Pattern Suggests a 15% Rally

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TRX is testing a key resistance zone on its bullish pennant pattern, eyeing a 15% rally post-breakout.

 

TRON (TRX) is catching the market’s attention following its listing as the 10th largest coin by market cap on CoinMarketCap’s cryptocurrencies list. In the past 24 hours, TRX has surged 1.25% with a 4.87% increase in its open interest. Per Coinalyze data, the Coin’s 24-hour long-short ratio stands at 2.27, suggesting heightened buying pressure.

 

Looking at the 4-hour chart, TRX’s price is consolidating in a bullish pennant pattern. This technical step up indicates a calm balance between sellers and buyers following a price uptrend. As of press time, TRON is trading at $0.2480 and attempting a breakout above the $0.2500 resistance zone.

Source: X

 

According to renowned analyst World of Charts, a breakout above the resistance zone could see TRX  rally 15% towards the $0.2800 and beyond in the short term. The MACD(12,26) is flashing a “sell” signalling some bearish pressure.

However, the short-term, mid-term, and long-term moving averages flash “strong buy”. With the Relative Strength Index (RSI) standing at 53 (neutral zone), TRX is not overbought and has more buying potential. TRON could be geared up for a rally soon, and traders are closely monitoring its price action at the resistance zone.

 

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