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Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves
Lawmakers in the US states of Minnesota and Alabama filed companion bills to identical existing bills that if passed into law, would allow each state to buy Bitcoin.
The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.
Meanwhile, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283, while a bi-partisan group of representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin (BTC). Minnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts. It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin. Source: Bitcoin Laws The twin Alabama bills don’t explicitly identify Bitcoin, but would limit the state’s crypto investment into assets that have a minimum market value of $750 billion, a criterion that only Bitcoin currently meets. Introducing identical bills is not uncommon in the US and is typically done to speed up the bicameral legislative process so laws can pass more quickly. Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws. Arizona currently leads in the US state Bitcoin reserve race. Source: Bitcoin Laws Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill, in November 2024. However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota and Wyoming. Related: North Carolina bills would add crypto to state’s retirement system Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states thathave rejected Bitcoin reserve initiatives. Source: Bitcoin Laws According to a March 3 report by Barron’s, “red states” like Montana have faced setbacks to the Bitcoin reserve initiatives amid political confrontations between the Democratic Party and the Republican Party. Additional reporting by Helen Partz. Magazine: Financial nihilism in crypto is over — It’s time to dream big again Commerce Secretary Howard Lutnick walked back the recent reciprocal tariff exemption on select electronics announced in an April 12 bulletin from the United States Customs and Border Protection. On April 13, Lutnick told ABC News that the reciprocal tariff exemption was temporary until the administration established a sector tariff regime for semiconductor products, which includes phones, graphics processors, and computing chips in a “month or two.” Lutnick added: “President Trump has called out pharmaceuticals, semiconductors, and autos. He called them sector tariffs, and those are not available for negotiation. They are just going to be part of making sure we ensure core national security items are made in this country.” “We can’t be relying on China for fundamental things we need. Our medicines and our semiconductors need to be built in America,” Lutnick continued. The official also said he was confident that the US and China would arrive at a trade deal through negotiations. The emphasis on national security and onshoring critical industries could signal that the trade tariffs will be a long-term geostrategic policy and not simply a short-term negotiation tactic to make US exports more attractive, as some analysts have suggested. The Volatility S&P Index (VIX), a measure of the S&P stock index’s volatility, remains elevated amid macroeconomic uncertainty. Source: TradingView Related: Bitcoin ‘decouples,’ stocks lose $3.5T amid Trump tariff war and Fed warning of ‘higher inflation’ Trump’s trade tariffs crashed the stock and crypto markets, wiping away trillions in shareholder value as investors dumped riskier assets on fears of a lengthy trade war between the United States and its trading partners. In an April 10 X Post, Bloomberg analyst Eric Balchunas cited the SPY US Equity History Volume chart as evidence that the S&P 500 stock market index is now more volatile than Bitcoin (BTC). According to the analyst, the S&P 500 Index hit a volatility level of 74 in April, compared to Bitcoin’s 71. Stocks and crypto pumped following rumors of the Trump administration initiating a 90-day reciprocal tariff pause. Approximately $2 trillion was pumped into stocks on rumors of softer trade policies. Much of this value was then wiped away when Trump claimed that rumors of a 90-day pause were false and returned once the Trump administration did, in fact, issue a reciprocal tariff pause in the following days. Magazine: Financial nihilism in crypto is over — It’s time to dream big again Bitcoin (BTC) hit an eleven-day high on April 13 as the crypto market relief rally closely tracked US financial policy changes. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $86,000 for the first time since April 2. The pair had reacted well to news that US President Donald Trump had decided to exclude certain key products from his ongoing trade tariffs against China. Traditional markets are closed on weekends —creating lower-liquidity trading in crypto markets and raising the chance for price volatility— with Bitcoin subsequently dropping under $84,000. With hours to go until the weekly close, BTC/USD was thus up 7% for the week, having started with a trip to new five-month lows. Commenting, traders were cautious over BTC price strength. Call me crazy but I don’t think I trust this breakout on $BTC. Low volume, overbought stoch, and on a weekend. If we can remain over 84k through Monday I’ll look for higher but for now this seems sketchy. pic.twitter.com/qKVdYAOYPJ — Roman (@Roman_Trading) April 12, 2025 Daan Crypto Trades noted the ongoing interplay with the 200-day exponential moving average (EMA) at $85,000. “This is however still a weekend move so far and we know next week will be volatile again with news regarding tariffs and the first big tech earnings coming up,” part of a post on X read. BTC/USD 1-day chart with 200 EMA. Source: Cointelegraph/TradingView Well-known trader Peter described the rebound from the lows as looking “more corrective than it does impulsive.” BTC/USD 2-hour chart. Source: Peter Brandt/X Popular trader and analyst Rekt Capital meanwhile saw the true hurdle to a Bitcoin bull market rebound coming in the form of a stubborn long-term daily downtrend. “Bitcoin has Daily Closed above the Downtrend. Thus, breakout confirmation is underway,” one of his latest X updates explained alongside an illustrative chart. “However BTC has previously Daily Closed above the Downtrend but failed its retest (a few of the red circles). Retest needs to be successful and it is in progress.” BTC/USD 1-day chart. Source: Rekt Capital/X As Cointelegraph reported, the daily downtrend, in place since late 2024, is earmarked as a key hurdle for bulls to overcome. Related: Bollinger Bands creator says Bitcoin forming ‘classic’ floor near $80K Another post flagged promising signals on Bitcoin’s relative strength index (RSI) indicator. A classic leading indicator, RSI continued to print another bullish divergence with price on daily timeframes. “Bitcoin is developing yet another Higher Low on the RSI while forming Lower Lows on the price,” Rekt Capital summarized. “Overall, throughout the cycle Bitcoin has formed Bullish Divergences like this on a few occasions already. Each Bull Div preceded reversals to the upside.” BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Crypto gaming and gambling campaigns are the most expensive way to acquire users with existing crypto wallets, ranking highest in cost among all sectors of the crypto industry, recent data shows. “Gaming and gambling campaigns are the most expensive, with a median CPW of $8.74 and a lower quartile of $3.40,” Web3 marketing firm Addressable co-founder Asaf Nadler said in a recent report posted on X. CPW, or cost per wallet, is deemed a higher “quality” metric because it tracks the cost of website visitors with a crypto wallet already installed in their browser. Nadler previously told Cointelegraph that their analysis data showed that users with a wallet are more likely to convert to crypto products. CPW across different regions during the bull markets in Q1 an Q4 of 2024. Source: Asaf Nadler Nadler said the high cost-to-return ratio of crypto gaming and gambling might be due to “higher churn, speculative behavior, and intense competition.” He added: “If Web3 gaming is truly “inevitable,” we need to find a more powerful UA engine to make it as sustainable as in Web2.” However, Axie Infinity co-founder Jeff “JiHo” Zirlin said in an April 11 post on X that periods of high CPW are a good time to experiment. “Create new games/product lines, consolidate our market share, and get ready for the next market expansion,” Zirlin said. “Know when it’s a coiling phase. Know when it’s time to explode,” he added. Meanwhile, decentralized finance (DeFi) and Centralized Finance (CeFi) campaigns have it a lot easier with attracting new crypto users. “DeFi/CeFi campaigns are the most cost-efficient, with a median CPW of $2.79 and a lower quartile of just $0.10,” Nadler said. The results are based on 200 programmatic campaigns run on Addressable by over 70 advertisers, claiming to target an estimated 9.5 million users globally. CPW results across various sectors of the crypto industry. Source: Asaf Nadler It tracks how CPW varies across market cycles, regions, campaign strategies, and audience segments. Nadler said that while premium markets experience low-cost conversions for existing crypto wallet holders during bull runs, attracting their attention becomes significantly more expensive during market downturns. Related: Trump kills DeFi broker rule in major crypto win: Finance Redefined He highlighted that in 2024, the US and Western Europe saw CPW increase by four times and 27 times, respectively, between Q1 and Q3, as the markets continued to consolidate and interest from crypto wallet holders waned. “While these markets provide scale and quality during bull runs, they become significantly more expensive when sentiment turns bearish, making them less sustainable during downturns,” Nadler said. Meanwhile, emerging markets like Latin America and Eastern Europe “offer exceptionally low CPW in favorable conditions but can experience extreme cost volatility.” Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6 – 12 Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025 Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist Aptos Leverages Chainlink To Enhance Scalability and Data Access Bitcoin Could Rally to $80,000 on the Eve of US Elections Crypto’s Big Trump Gamble Is Risky Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500xTwin Alabama bills don’t explicitly name Bitcoin
26 Bitcoin reserve bills now introduced in the US
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Trade war heightens volatility and sends markets tumbling
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Bitcoin traders say brace for more volatility
RSI bullish divergence still in play
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“Higher churn” rate may be to blame
Premium markets cost more to reach crypto users during downturns
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