Algorithmic Ratings & Investment Analysis
©ARIA 2025
by aria-ratings.com
May 13, 2025 at 13:24
US Bitcoin and Crypto Markets React to CPI Data and Vetoed Legislation
In an unexpected turn of events, Arizona Governor Katie Hobbs has vetoed two cryptocurrency bills just after approving a tax-free fund for abandoned Bitcoin and cryptocurrencies.
Citing the volatility of the crypto market, the governor rejected Senate Bill 1373, which would have established a strategic reserve from seized crypto assets, and SB 1024, allowing state agencies to accept cryptocurrency for fines.
This decision emphasizes the cautious approach many lawmakers are adopting toward cryptocurrencies amid rising uncertainties in the market.
On a broader scale, the recent CPI data revealed that annual inflation in the U.S. cooled to 2.3%, below the 2.4% forecast, prompting a mixed reaction in crypto markets.
Bitcoin briefly surged following the announcement, although the price fluctuated around $103,000, hinting at persistence in volatility.
The cooling inflation rate is seen as a factor that might influence the Federal Reserve's decisions on interest rates in the near future.
Simultaneously, a positive shift in U.S.-China trade relations has bolstered Bitcoin's market sentiment, as traders anticipate potential gains from a trade agreement.
The combination of legislative challenges and macroeconomic indicators will shape Bitcoin's trajectory moving forward.
Investors remain cautiously optimistic, speculating on how current federal policies and inflation data will impact cryptocurrency valuations.
Overall, both the vetoed legislation and the recent CPI report are pivotal in understanding the intricate interplay between macroeconomic trends and the evolving crypto landscape.
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