Chainalysis Report: Whales Bought $3B of BTC, Texas Commercial Laws Recognize Bitcoin and Crypto
Texas Commercial Laws to Recognize Bitcoin and Cryptocurrencies
Texas lawmakers have approved Bill HB4474 that recognizes Bitcoin and cryptocurrencies under their commercial law.
The approval by the Senate comes a few days after the House of Representatives overwhelmingly voted in support of what the bill proposed.
Following this nod, the content of the bill will now become law after Governor Gregg Abbott appends. However, it would more likely be a formality for him, considering his favor and preference for cryptocurrency regulations.
Earlier this year, the CEO of Ripple Bradley Garlinghouse, who has been sued by the U.S. SEC for allegedly selling unregistered securities, complained of the absence of clarifying regulations in the country.
For these mistakes, Brad argued, the U.S. would likely trail other countries like Japan and some of SE Asia economic powerhouses who have defined rules guiding the sphere.
Whales Bought $3 Billion of BTC when Prices Crashed to below $30k
A new report from Chainalysis, a blockchain analytic firm, shows that Bitcoin whales bought $3 billion of BTC when prices slumped last week.
Then, BTC prices crashed from around $50k to as low as $29k in two days of havoc that forced “weak” hands to unload their stash.
$783m #Bitcoin was moved off exchanges in just 10 minutes last night. Look at these spikes!
🐳🐳🐳 Whales bought the dip! pic.twitter.com/AeJYj6suoT
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) May 20, 2021
Prices have now recovered but not with confirming data that long-term HODLers were ramping up, buying the dips for cheap.
More #Bitcoin is moving at a loss than at a profit for the first time since Sep 2020. pic.twitter.com/zKL3cMyxqN
— whalemap (@whale_map) May 25, 2021
As per the firm, whales bought 77k BTC, soaking the selling pressure from BTC’s weak hands, who moved over $3.3 billion worth of BTC to exchanges at a loss.
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