Bitcoin Slightly Up on 'Arizona Bullish'

Arizona State House Passes Two BTC Accumulation Bills
BTC Slightly Rises on the 29th, Altcoins Rise Following BTC
Kiyosaki Advises "Buy BTC Amid Global Economic Recession"

The cryptocurrency market, including Bitcoin (BTC), slightly rose on the 29th after Arizona's state legislature passed the first state-level Bitcoin reserve bill in the United States.

The Arizona State House passed bills SB1373 and SB1025, which had previously passed the Senate two months ago on the 28th.

SB1373 and SB1025 propose government Bitcoin accumulation through seized assets and pension funds. SB1373 includes a provision to establish a strategic reserve using digitally seized assets through criminal proceedings. SB1025 allows the Arizona Treasury and state pension system to invest up to 10% of available funds in Bitcoin.

Once signed by Arizona Governor Katie Hobbs, Arizona will be recorded as the first state to pass a state-level Bitcoin accumulation bill.

Following the Arizona state news, Bitcoin slightly rose on the morning of the 29th, and altcoins also rose alongside Bitcoin. Major altcoins recorded over 1.5% growth.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 29th was 136.6 million won. Bitcoin's dominance was 64.23%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 41.35% and 58.65% respectively.

Advice to buy Bitcoin continues as it transforms into a safe asset.

Bestselling author Robert Kiyosaki said on his X account on the 28th, "Some of the world's richest people are actually going bankrupt, which is an unhealthy signal for the entire economic ecosystem" and "I saved gold, silver, and Bitcoin while seeking experts' wisdom to wisely utilize this situation".

Lastly, he emphasized that "in a world overflowing with fake money and fake teachers, 'knowledge has become the new money'".

◇Rising Coins = As of 4 PM on the 29th on Upbit, PUNDIX recorded the largest increase, rising approximately 23% from 24 hours prior.

PUNDIX is a project operating a P2P payment system that provides XPOS, a digital asset payment and transaction terminal for various retailers, enabling users to purchase and sell products through digital assets. The PUNDIX token is used for XPOS payments and incentives.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is 60 points, entering the 'Greed' stage. The greed stage is a period of increased price volatility and trading volume, indicating potential price increases. Caution is advised for selling due to the high possibility of short-term peak formation.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 57.0, indicating a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold scales for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr