Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill
The post Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill appeared on BitcoinEthereumNews.com.
Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona state’s cryptocurrency reserve adoption. Arizona State Governor Vetoes Against Bitcoin Reserve Bill After Congress Approval Bitcoin’s upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025, which sought to allow the state to invest public funds in Bitcoin. This move came just days after the bill passed the Arizona House, signaling bipartisan momentum toward crypto adoption at the state level. Arizona State Governor Vetoes Against Crypto Reserve Bill, May 2, 2025 Citing fiduciary risk, Hobbs emphasized that Arizona’s retirement system remains one of the nation’s strongest precisely because it avoids “untested” assets like virtual currency. This development aligns Arizona with several other states, Oklahoma, Montana, and Wyoming, where similar crypto bills have faltered. The bill had proposed establishing a Digital Assets Strategic Reserve using seized state funds and upto 10% of the state Treasury. Hobbs’ veto marks a significant reversal, especially as the state legislature had edged closer to positioning Arizona as the first U.S. state to adopt Bitcoin as a reserve asset. Looking forward, another related proposal, SB1373, still awaits a final vote and may reopen the conversation if it garners enough legislative support. Bitcoin Price Hits Sell-Wall at $98,000, as Short-Traders Cluster $1.2B Leverage BTC price posted a strong performance through the week, climbing to new 70-day highs at $97,800 early Saturday before retracing toward $96,700. The timing of the pullback, which closely followed Governor Hobbs’ veto, appears to have introduced caution among traders and short-term holders. Data from Coinglass’ Liquidation Map reveals a dense cluster of short positions at the $98,000 mark, where bears have placed roughly $1.2 billion in leveraged bets. The liquidation map visually highlights where significant…
Filed under: News - @ May 3, 2025 3:19 pm