Phyrex
Phyrex|May 06, 2025 22:00
The main events of today should be two, one is BTC itself. Finally, the first state in the United States, New Hampshire, has passed a strategic reserve that includes cryptocurrencies, allowing the purchase of precious metals and cryptocurrencies with a market value exceeding $500 billion annually with no more than 5% of state funds. Among them, only Bitcoin has a market value reaching this level, while New Hampshire can mobilize funds between $280 million and $770 million. Although it is not a large quantity, it has indeed made history. Many friends believe that these backward states do not have much financial strength. Driven by New Hampshire, more and more states will use Bitcoin for strategic reserves. For example, today they submitted the second BTC strategic reserve SB1373 for Arizona to Governor Hobbes. On Sunday, Hobbes vetoed the first bipartisan SB1025 in the United States, which did not include pensions. It depends on Friday and Tuesday. Another thing is that in the past two days, the United States has auctioned off 3-year and 10-year US bonds consecutively, and both auctions have been smooth. The only thing to note is that the purchasing power of the US domestic market is significantly increasing, while the purchasing power of other countries is weakening. This represents that US bonds will draw more liquidity from US investors, and there are still 30-year US bonds to be auctioned, which may be one of the reasons why US stocks have continued to decline without negative conditions. Looking back at the data of Bitcoin, today's turnover rate continues to decline, and even if the BTC strategic reserve is approved, it has not yet stimulated much trading volume. So far, the trading volume is even lower than the same period yesterday, which also indicates that the current price has a trend of "unable to buy", and it cannot be ruled out that investors chose to hedge before the Federal Reserve interest rate meeting. So more importantly, we have to wait for tomorrow's Federal Reserve interest rate meeting and Powell's speech. There is no possibility of interest rate adjustment in May. Let's see if Powell speaks dovish or hawkish. The support data is still very strong, ranging from $93000 to $98000. This data has been tested for too long and has never been missed. The magnetic attraction effect of the dense chip concentration area is very useful, but currently this support area is also a resistance level. If you seek to break upwards, you still need stronger positive effects. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex
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