Onwards and Upwards for Bitcoin as MOVE Melts Down; Dollar and Bonds Signal Caution to Risk Assets

High-volume selling drove the DeFi bluechip token below critical technical thresholds.

[Massachusetts Bitcoin Reserve Bill Hearing Receives Tepid Response, Outlook Uncertain] Massachusetts Senator Peter Durant presented his proposed 'Bitcoin Strategic Reserve Bill' during a legislative hearing on Tuesday, but the session saw no questions from attendees and garnered a lukewarm response. The bill suggests that the state treasury could invest up to 10% of its stabilization fund in crypto assets and incorporate Bitcoin or other digital assets seized by the state government into reserves. However, with both the State House and Senate dominated by a Democratic majority, along with the governorship held by a Democrat, the bill's chances of passing remain unclear. Notably, similar crypto reserve legislation has already been enacted in Texas, Arizona, and New Hampshire.

[Gold Falls Below $4,000, Analysts Say $3,850 May Be Key Support] Gold prices fell below $4,000 per ounce on Thursday, retreating to below $3,950, as a stronger dollar and profit-taking by investors followed the ceasefire agreement between Israel and Hamas. Analyst Tai Wong stated that although the ceasefire agreement has eased tensions in the Middle East, confidence in the gold market has not significantly weakened. He noted that the previous rally in gold prices was too rapid, and $3,850 might become the real support level.

[U.S. Stock Crypto Reserve Concept Stocks Generally Decline, Multiple Stocks Drop Over 3%] The U.S. stock crypto reserve concept sector performed weakly, with several related stocks experiencing significant declines. Strategy's stock price fell over 3%, BMNR dropped more than 5%, and SBET plunged over 7%. Market sentiment toward investments in cryptocurrency-related companies has cooled, putting pressure on the sector overall.