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Stocks red today 🔴 Crypto green today 🟢

In a groundbreaking move that could reshape how states engage with cryptocurrency, the Texas House has officially passed the Strategic Bitcoin Reserve Bill (SB21). This legislation allows Texas to allocate part of its rainy day funds to purchase Bitcoin, positioning the state as a pioneer in embracing digital assets as part of its financial strategy. 💰💻 What Does This Mean? 🤔 The bill empowers Texas to invest up to $23.7 billion of its rainy day funds into Bitcoin, assuming the current Bitcoin price of approximately $109,219 per $BTC This translates to a potential purchase of 217,654 Bitcoins 🪙—marking one of the largest institutional endorsements of crypto by any state or governmental entity. 📊 Why Bitcoin? 🔥 Bitcoin’s fixed supply and increasing institutional adoption have made it a popular hedge against inflation and currency devaluation. By holding Bitcoin as part of its reserves, Texas could diversify away from traditional assets such as bonds and cash, potentially increasing the state's financial resilience in volatile markets. 📉➡️📈 Context Among Other States 🌎 From the map, Texas joins a growing number of states engaging with the Strategic Bitcoin Reserve Bill or considering similar measures: Passed States (Green) ✅: Only two states, including Texas (and Arizona) have passed this bill so far. Considering (Orange) ⚠️: New Mexico is considering similar legislation. Pending (Blue) ⏳: A significant 18 states currently have bills pending, indicating growing legislative interest. Rejected (Red) ❌: Five states have rejected such proposals, reflecting ongoing debates over crypto risks. Potential Impact ⚡ If Texas proceeds with purchasing Bitcoin under SB21: It could serve as a model for other states seeking innovative treasury management. 🏦 It might catalyze further institutional adoption and acceptance of Bitcoin. 📈 It could expose Texas to both the upside potential and volatility risks inherent in cryptocurrencies. ⚠️ Strategic Implications 🧠 Texas’ move symbolizes a shift in traditional financial management, with government entities starting to view crypto as a legitimate asset class. By leveraging Bitcoin’s characteristics, Texas may be aiming to future-proof its finances amid economic uncertainty and inflationary pressures. 🌪️🛡️ Summary 📝 Texas House passed SB21 — Strategic Bitcoin Reserve Bill. 🎉 Potential purchase: 217,654 BTC using rainy day funds. 💵🪙 BTC price assumed: $109,219. 💲 Texas joins Arizona as the only states with passed bills. 🤝 Growing interest in similar legislation nationwide, with 18 states pending. 🔥 5 states have rejected the bill so far. 🚫 Texas’ move marks a pioneering step toward crypto sovereignty at the state government level. 🏛️ What’s Next? 🔮 The bill will now move to further legislative approval stages before implementation. Market watchers and crypto advocates are closely monitoring Texas, as its decision could signal a new wave of public sector crypto adoption, influencing financial policies across the US. 🇺🇸💥

XRP rally to $3 at risk as network activity and whale holdings drop : XRP's drop from recent highs of $2.65 on May 12 tests the 50-day EMA support as downside risks emerge. XRP faces declining network activity amid subdued daily active addresses. Large volume holders with between 100,000 and 1 million coins cut back on their holdings as the uptrend falters. Strong crypto market sentiment could keep XRP above its 50-day EMA support, boosting the chances of returning to $3.00. Ripple’s (XRP) price faces growing downside risks, trading $2.33 on Wednesday amid suppressed price action in the last three days. The broad sideways trading reflects range consolidation in the broader cryptocurrency market, even as Bitcoin (BTC) closes in on all-time highs. A closer look at the XRP Ledger reveals that network activity has remained suppressed, significantly below the levels seen in the first quarter. XRP faces declining interest as network activity remains muted As the XRP price broadly consolidates above the short-term support at $2.28, attention is shifting to the XRP Ledger, which, according to Santiment, faces declining network activity. The Daily Active Addresses metric in the chart below shows the number of newly created addresses on the protocol at approximately 33,400, representing a 95% drop from the first quarter peak of roughly 612,000. This sharp decline coincided with the drop in the price of XRP from its first-quarter peak of $3.40 to $1.61 amid the tariff-triggered crash on April 7. While the price recovered, reaching $2.65 on May 12 before sliding to the current market rate of $2.33, engagement remains low based on the diminished number of unique addresses joining the network. A persistent drop in the addresses joining the XRP Ledger translates to reduced engagement and low demand for the XRP token, stifling potential price increase. Coincidentally, some cohorts of large volume holders, often referred to as whales, continue to offload their holdings, as illustrated by the Supply Distribution metric in the chart below. Users with between 100,000 and 1 million coins have been shaving their holdings since the fourth quarter. This whale cohort currently accounts for 10.32% of the total supply, down from 10.76% on March 1 and 11% on November 1. As the chart below shows, this group of investors started selling aggressively as XRP's price exploded in the fourth quarter and continued to do so in the first quarter, plausibly taking profits. If this aggressive profit-taking continues, it could be difficult for bulls to sustain the uptrend, targeting a return above $3.00 in the mid-term. Moreover, the XRP futures Open Interest (RSI) has fallen to $4.59 billion from its peak of $5.52 billion on May 14. OI refers to the total number of active derivatives contracts, such as futures or options, that are yet to be settled. The subsequent decrease in the trading volume to approximately $4.43 billion points to declining trader interest in XRP. Falling OI and declining volume and price signal shifting sentiment and bearish momentum as market participation fades. Looking ahead: Could XRP break the uptrend and accelerate losses? XRP's price hovers above the 50-day Exponential Moving Average (EMA) support around $2.28, while bulls struggle to sustain the higher low pattern established since the recovery from the April 7 low at $1.61. Technical indicators like the Moving Average Convergence Divergence (MACD) affirm the growing bearish grip following the rejection from May's peak of $2.65. A sell signal has been validated with the MACD line (blue) crossing below the signal line (red). If bulls fail to regain control, the expanding red histogram bars could encourage traders to sell XRP, boosting bearish momentum. The Relative Strength Index (RSI) indicator's downward trend at 52 shows that bears are getting stronger. Further movement below the 50 midline would reinforce the sellers' influence on the token's price. Meanwhile, the 50-day EMA at around $2.28 and the dotted ascending trendline offer initial support. Should declines intensify, traders could shift attention to lower support areas such as the 200-day EMA at $2.05 and the lowest point in April at $1.61. $XRP

XRP experienced a pullback in the past week. How far will sellers take it? Key Support levels: $2.3, $2 Key Resistance levels: $2.6, $3 After buyers failed to turn $2.6 into support, sellers took over the price action and pushed XRP into a correction that drove it south by 9% since this time last week. This has taken the price to the $2.3 support, which appears to hold at the time of this post. If selling intensifies, then the next key support level is found at $2. The recent reversal has turned the momentum indicators bearish. This can also be seen on the daily volume, which shows multiple days in the past week closing in red. Buyers appear absent, which has encouraged selling that can extend this pullback. Three days ago, the daily MACD made a bearish cross. This is a significant change in the momentum and will likely keep XRP bearish in the short to medium term. If so, the support at $2.3 could fall and see the price revisit, or at least approach, $2 again.

President Javier Milei has abruptly shut down a government unit investigating his administration’s ties to the $LIBRA cryptocurrency scandal, raising new concerns about transparency and political accountability in Argentina. The special unit, formed just three months ago, was tasked with examining fraud and misconduct allegations linked to the memecoin’s rapid rise and crash, which left retail investors with an estimated $250 million in losses. Milei, who had personally promoted the coin on social media, now claims the unit completed its objectives. However, critics argue the move appears premature and politically motivated, as no public findings have been released. The Investigative Task Unit (UTI) was formed on February 19, just days after the $LIBRA token was launched on February 14. At the time, President Milei promoted the coin on social media, and hailed the coin as a private initiative to boost Argentina’s struggling economy. He encouraged investment, claiming it would support small businesses and entrepreneurs. However, within hours of Milei’s endorsement, $LIBRA surged in value before crashing by nearly 90%. Industry experts labeled the situation a “rug pull,” a scheme where developers abandon a project after collecting substantial funds. Over $4.5 billion moved through the coin, with thousands of investors blindsided by the sudden drop. Milei later distanced himself from $LIBRA, denying any involvement in its structure or operations, despite his earlier public endorsement. Related: Argentina Seeks Interpol Red Notice for LIBRA Crypto Scandal Figure Decree 332/2025, co-signed by Justice Minister Mariano Cúneo Libarona, announced the dissolution of the UTI. It stated that the unit had fulfilled its task by forwarding collected information to the Public Prosecutor’s Office. Yet, the lack of publicly available findings has raised eyebrows across the political spectrum. Notably, the decree followed pressure from lawmakers who recently established a congressional commission to independently examine the matter. Judge María Romilda Servini is now leading a parallel judicial investigation into Milei’s potential role in the scandal. Additionally, class-action lawsuits have emerged in the United States accusing the president of deceptive promotion and negligence. The Public Prosecutor’s Office has yet to release any conclusions regarding the $LIBRA affair. Furthermore, local reports suggest investigations are still active within the Anti-Corruption Office, the Central Bank, and the National Securities Commission. Related: Vitalik Buterin: Argentina Crypto Community Strong Despite Meme Coin LIBRA Crash María Florencia Zicavo, a close ally of Justice Minister Cúneo Libarona, led the now-dismantled unit. Critics argue the timing of the shutdown, amid ongoing inquiries, signals a deliberate attempt to stifle scrutiny and protect political interests. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.