Bitcoin in Texas banks
The Texas House of Representatives passed a law last month to recognize cryptocurrencies under commercial law. The state regulator in Texas has officially confirmed that banks that authorize states in Texas are allowed to store cryptocurrencies such as Bitcoin for their customers. Local banks are permitted to provide crypto services. The agency announced that banks in Texas could give the client’s custodian currency storage services as long as the bank has established appropriate protocols for effective risk management and compliance with applicable law. Pointing out that virtual currencies do not exist in physical form but on a blockchain requires the owner to hold private keys to access them. He further stated that banks might keep crypto on behalf of clients, either by keeping copies of the client’s private keys or by holding assets directly in the bank’s custody by creating new private keys with the bank.
The price of bitcoin ended its downward trend when it hit bottom on June 8, which may indicate that there has been a reversal. Meanwhile, a law was passed to make BTC a legal tender in El Salvador on June 9. This was the first victory for the leading cryptocurrency.
The President of El Salvador, Najib Bukel, announced plans to build a bitcoin mining hub that works on 100% clean energy obtained from volcanoes. While Bitcoin fans enjoyed the victory, China tightened the noose around the neck of the Bitcoin miners because there were reports that the province of Qinghai issued a document calling for a ban on cryptocurrency mining. Due to an alleged lack of energy and strict mining restrictions, BTC’s spraying rate has dropped by more than 20% since June 8.
Chinese search engines and social media applications have blocked Binance, Huobi, and OKEx, the world’s three largest cryptocurrency exchanges in terms of the trading volume.
Despite concerns expressed by regulators, the adoption of cryptocurrencies appears to be growing. Thomas Peterffi, president and CEO of Interactive Brokers (IB), said recently that its customers are looking for an offer for cryptocurrencies. The CEO noted that he would do so by the end of the summer of this year, although it is unclear which cryptocurrencies IB will offer.
The price of bitcoin increased by about 25% from the news of El Salvador from 31,000 to 38,500 dollars. The Bulls could target the previous high at $ 39,450 formed on June 3, followed by $ 40,841. If the buying pressure continues to intensify, the price of BTC could rise to 42,451 USD. The price of Bitcoin will likely face hard resistance at this level.
Despite the bull’s appearance shown by the technicians, the metrics on the chain remained bearish. The amount of chain for BTC fell from 126.35 billion BTC in mid-May to 33.6 billion BTC in the second week of June. This 73% drop suggests that investors are fleeing the Bitcoin network and maybe redistributing their funds or removing profits.
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