Texas Bitcoin Reserve Bill Gains Momentum with Governor’s Support
On May 22, Texas Governor Greg Abbott endorsed Senate Bill 21 (SB 21), a legislative proposal to establish a state-controlled Bitcoin reserve. With its recent passage in the State Senate, Texas now joins Arizona and New Hampshire in enacting crypto-friendly laws, reinforcing the state’s ambition to become a global cryptocurrency hub.
While Congress has yet to establish a national Bitcoin reserve, such state-level initiatives could enhance investor confidence and help Bitcoin push past the $110,000 price level.
DOJ Recovers $2.5 Million in Crypto Scams, Strengthening Market Trust
On May 23, the U.S. Department of Justice (DOJ) announced it had recovered $2.5 million in stolen cryptocurrencies linked to fraudulent projects exploiting investor FOMO. The FBI’s San Diego division led the operation under a federal court order, setting a strong precedent for crypto fraud enforcement.
With collaboration from platforms like Tether, these legal actions are improving transparency and helping clean up the market, making it more appealing for institutional investors.
Semler Scientific Buys $50 Million in Bitcoin, Demonstrating Institutional Confidence
Between May 13 and 22, Semler Scientific acquired 455 BTC worth $50 million, raising its total Bitcoin holdings to $474.4 million. Although the company's stock dropped 1.36% after the announcement, it had previously gained 53% since May 2024 when it began purchasing Bitcoin.
This move mirrors a broader institutional trend of adopting Bitcoin as a treasury reserve asset, which could lead to long-term market stability and price appreciation.
Technical Analysis of Bitcoin Price (BTC/USD)
Technical charts show bullish signals for Bitcoin. On the 2-hour timeframe, the 50-day Exponential Moving Average (EMA50) supports higher lows at $108,470. Resistance lies at the 23.6% Fibonacci level of $109,613, and a breakout may push prices toward $111,935 or even $113,935.
Traders are watching for bullish formations such as the three white soldiers pattern and RSI divergence, which indicate strong upward momentum.
BTCBULL ICO Nears $7.33M Target with 65% Staking Yield
As Bitcoin stabilizes near $108,000, investor focus is shifting to altcoins like BTC Bull (BTCBULL). This ICO has already raised $6.33 million of its $7.33 million goal. The current token price is $0.00253, with a total staking pool of 1.62 billion BTCBULL tokens and an annual yield (APY) of 65%.
BTCBULL offers flexible staking with no lock-up or withdrawal penalties. Additionally, it implements a deflationary model by burning tokens whenever Bitcoin gains $50,000, potentially increasing value over time.
Key ICO Stats:
- Raised Funds: $6,330,923.1 / $7,332,195
- Current Token Price: $0.00253
- Total Staked: 1.62 billion BTCBULL
- APY: 65%
Early participants receive Bitcoin-based rewards that scale with BTC’s price increases, adding further incentives to join before the token hits exchanges.
Conclusion
With Texas pushing Bitcoin adoption, increasing government enforcement, institutional interest, and innovative altcoin projects, the crypto landscape is evolving rapidly. Investors looking for growth opportunities should keep an eye on both state-driven crypto developments and emerging DeFi offerings like BTCBULL.