- The Utah government has become the first to pass a Bitcoin bill soon to become law.
- Bitcoin has fallen once again to the $82K level in the last 24 hours.
While the crypto market has receded to the bearish end over the weekend, community members seem to have come to terms with it. Bitcoin has slid to the $82K level and external factors appear to not suffice as propellants. However, the sector itself has not gone dormant, as activity is still on the upward direction.
Notably, a few hours ago, the US State of Utah announced news of a Bitcoin bill, which caught market attention. According to the bill, it creates authority to the state treasurer for investing in digital assets. Furthermore it also prohibits state entities to restrict acceptance or custody of digital assets.
Following several other US states, Utah is the latest to join in line to authorize state government investments in Bitcoin and the other digital assets. However, the bill failed to include an amendment that would allow the state treasurer to invest in Bitcoin.
Moreover, this amendment would have made Utah the first state in the US to actually pass a Bitcoin Reserve bill. However, currently, it only provides basic custody protections for Utah citizens. The aforementioned amendment would have allowed the state treasurer to invest up to 5% in Bitcoin.
Why Did the Utah Senate Deny Rights of Bitcoin Investment?
According to reports, the reserve clause passed the second reading but was removed before the third and final reading. However the bill has been passed and is now headed to the Governor for being converted into law.
Meanwhile, Bitcoin, as aforementioned, has remained in the $82,000 range for the past day. It has factored in a drop of 4.23% in the last 24 hours to reach the current level. At the time of writing, BTC was trading at $82,196 as per CMC data.
On the other hand, the Canadian nation’s new Prime Minister, Mark Carney’s once uttered negative views on Bitcoin seem to have caught market attention. Community members are wondering if this might result in Canada’s crypto landscape shifting.
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