Bitcoin Price Stumbles After Shocking Veto in Arizona!

Bitcoin’s price rally slowed over the weekend, as a surprise move by Arizona’s governor introduced fresh regulatory uncertainty. After reaching a high of $97,800, Bitcoin pulled back slightly, with traders now watching key levels closely.

Currently Bitcoin Price trading at $96,494.95 as per Coinpedia Market data.



Arizona Governor Blocks Bitcoin Reserve Bill


On May 2, Governor Katie Hobbs of Arizona vetoed Senate Bill 1025, which would have allowed the state to invest in Bitcoin as part of its treasury reserves. The bill had recently passed through the Arizona House with bipartisan support, marking a big step toward state-level crypto adoption.

Governor Hobbs justified the veto by citing fiduciary risks, arguing that Arizona’s retirement system remains strong because it avoids risky or untested assets like Bitcoin.

This decision puts Arizona in line with other U.S. states—such as Oklahoma, Montana, and Wyoming—that have recently rejected similar crypto reserve proposals.

The bill would have allowed the use of seized state funds and up to 10% of treasury assets to create a Digital Assets Strategic Reserve.

Despite the setback, a related bill (SB1373) is still awaiting a vote and may revive discussions if it gains traction in the legislature.

$1.2B in Short Positions Create Resistance at $98K

Before the pullback, Bitcoin had climbed steadily through the week, reaching its highest level in 70 days. But the momentum paused right at the $98,000 mark, where short-sellers have placed a large cluster of leveraged positions.

According to data from Coinglass, around $1.2 billion in shorts are stacked at this level, forming a resistance wall. These bets suggest many traders expect Bitcoin to retreat from $98K, especially with Arizona’s veto dampening bullish sentiment.

Meanwhile, bulls still hold an edge in the broader market, controlling $7.45 billion in long positions compared to $4.42 billion in shorts. The imbalance hints that buyers could defend support zones—particularly around $96,000, which has recently served as a consolidation range.

What’s Next for Bitcoin?

Arizona’s decision to halt Bitcoin adoption at the state level may signal caution to other jurisdictions. It also introduces a layer of regulatory doubt that could cool institutional buying in the short term.

With $1.2 billion in short interest parked just below $98,200, breaking past this level will likely require a strong catalyst. For now, traders expect a quiet weekend unless new developments push Bitcoin decisively above—or below—its current range.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction: What’s Next for the Meme Coin?

Image
Dogecoin price predictions are buzzing, especially as Bitcoin continues to influence the cryptocurrency market. Currently trading at around $0.11 as per Coinpedia markets data, Dogecoin is navigating both opportunities and challenges in this ever-changing landscape. The Impact of Bitcoin on Dogecoin :Analysts Predict Big Gains Experts have high hopes for Dogecoin, with some predicting it could soar to $2. This optimistic view hinges on Bitcoin reaching $150,000 in the next major market surge, Many are eagerly awaiting the next few months to see how these dynamics play out. Dogecoin's Journey: From Meme to Mainstream Originally launched as a joke, Dogecoin has transformed into one of the most recognized cryptocurrencies. The Dogecoin Foundation is actively pursuing projects designed to enhance its utility and appeal. These initiatives include GigaWallet, LibDogecoin, and RadioDoge, all aimed at streamlining transactions and improving accessibility, especially in areas with limited...
Read more

Is Dogecoin Ready for a Major Price Breakout?

Image
A significant event has recently unfolded in the cryptocurrency world, capturing the attention of Dogecoin (DOGE) enthusiasts. A staggering  700 million DOGE , worth over  $78.68 million , has been transferred between two previously unknown wallets. This transfer has sparked intrigue among traders and analysts alike. The Transfer Details According to Whale Alert , the transaction involved the wallets  "D79tQ"  and  "D9jmV."  While the latter has a history of transactions, the former was completely unknown prior to this event. Such large transfers often lead to speculation about potential market movements. Current Market Update  As of writing this article Dogecoin was trading at $0.13 With 10.52% Increase in last 24 Hours  as per Coinpedia Markets data  For a more detailed analysis of Dogecoin price prediction and what to expect next, be sure to check out our in-depth article. Dogecoin's Price Movement This transfer occurred during a day of m...
Read more

XRP Price Update: Will XRP ETF Filing Sparks Hope ?

Image
This past week, XRP had a chance for a significant breakout. On Tuesday, the Ripple price peaked at $0.53 but dropped nearly 6% on October 31. Despite a slight rebound on Friday, XRP is currently trading at $0.51 as per Coinpedia markets data. For a deeper dive into XRP Price Prediction and market trends, check out our detailed analysis. 21Shares Files for XRP ETF On Friday, XRP saw a small rebound after 21Shares, a prominent ETF issuer, filed with the U.S. SEC to launch an XRP exchange-traded fund (ETF). If approved, the “21Shares Core XRP Trust” will be listed on the Cboe BZX Exchange, allowing investors a cost-effective way to gain exposure to XRP without purchasing the token directly. 21Shares emphasized that XRP is not classified as a security, following the SEC's recent decision not to challenge its legal status during the ongoing Ripple appeal. The ETF aims to provide shareholders with an economical way to invest in XRP. Current XRP Price Analysis Currently, XRP is hoverin...
Read more