The Texas Senate will hold a public hearing to discuss the establishment of the Bitcoin Protection Zone on February 18, but market analysts say that this action may be greatly symbolic unless the state announces an immediate investment plan.
According to the Texas government’s website, the first public hearing for the establishment of a potential strategic strategic Bitcoin (BTC) preliminary zone in Texas is scheduled for February 18, and this bill is less than a week after the Senate received it in February February. It is scheduled for 18 days.
Bill SB21. Source: capitol.texas.gov
According to Nexo’s dispatch analyst ILIYYA KALCHEV, even though it is a positive stage of adopting Bitcoin, the hearing only shows “symbolic movement” of the cryptocurrency market.
KALCHEV said, “Texas, which considers Bitcoin as a spare asset, is another chess movement in BTC’s march towards institutional justification, but the national initiative is often a ripple, not a wave compared to ETF inflow or corporate financial allocation.
“The market will be mild because Texas’s professional creepto is already well known unless the hearing is disclosed in a short -term purchase plan or major policy shifts,” he added.
BTC/USD, one month chart. Source: COINTELEGRAPH
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According to Vugar USi Zade, the chief operating officer of Bitget, in the short term, Bitcoin will put pressure on trade tensions between the United States and China.
Zade told Cointelewraph, “Trump has been more tariff hiking in the next few weeks, while Bitcoin has traded with elasticity while the head wind remains in the market.
“As the United States maintains its position as the largest capital market, the designated tension can continue to witness the headwinds of the coin.”
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Trade tension and federal preparatory policy are weighed on Bitcoin.
According to Kalchev, the positive news of the Bitcoin Reserve Legislation is a welcome signal of continuous institutional adoption, but the trajectory of Bitcoin is mainly led by the monetary policy path of the US Federal Reserve.
“The encryption market tends to set prices in expected development, and this hearing may be added to Bitcoin’s long -term adoption story, but huge forces such as Fed Policy and Regulatory changes are actual power players in forming a trajectory of BTC It remains. “
Texas’s promotion of the Bitcoin protection area reflects a wider economic and political change. ”
Other states are also implementing similar laws. Kentucky became the 16th US state on February 6th to establish a Bitcoin Protection Zone, which will assign up to 10%of the over -state protection zone on February 6th.
https://www.youtube.com/watch?v=av7xioy4zvc
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