Bitcoin as Legal Tender: US State Senator Pushes Bill
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Republican State Senator Wendy Rogers moved a draft bill, SB 1341, that aims at giving BTC legal tender status. With the bill expected to be discussed in the state senate and house of representative, Arizona would become the first, and hopefully not the last, US state to toe this line.
The bill defines legal tender as: “Any medium of exchange that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes, and dues.” It added: “Bitcoin means the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain and new units of currency are generated by the computational solution of 21 mathematical problems, and that operates independently of a central bank.”
In September 2021, Senator Wendy took to Twitter to reveal that she plans on making the Grand Canyon state a crypto-friendly one. She tweeted that: “I am going to work to help make Arizona crypto-friendly.”
Key Bitcoin Levels to Watch — February 1
BTC has maintained a uniform ascent pattern towards the $39K top since January 22, with the cryptocurrency consistently recording higher lows and higher highs. A small trendline has now emerged tracing the pattern of the recent bullish trend, which indicates that the primary cryptocurrency can sustain this momentum to the $41K pivot top.
That said, fresh declines in the near term should get repelled by the ascending trendline currently around $37.5K. In the meantime, bulls need to defend the $38K support while fighting to reclaim the upper-$39K zone in the coming days. However, traders need to exercise caution ahead of the macroeconomic data-packed week from Wednesday.
Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $38,500, $37,500, and $36,000.
Total Market Capitalization: $1.78 trillion
Bitcoin Market Capitalization: $739.5 billion
Bitcoin Dominance: 41.3%
Market Rank: #1
