State Representative Giovanni Capriglione emphasized the bill’s significance, stating that it represents a “pivotal moment in securing Texas’s leadership in the digital age.” He highlighted the importance of embracing modern assets that carry traditional value for future growth.
This development has generated renewed hopes for regulatory clarity in the cryptocurrency sector, which also benefits Bitcoin and its peers, despite its lack of direct ties to the dollar.
The cryptocurrency broke back through the symbolic $100,000 threshold on May 8, marking its first return to this level since February, following the announcement of a trade deal between the UK and the United States.
This led to gains of over 24% in the monthly time frame for BTC, following a steep drop toward $74,000 last month. However, during the same period, Bitcoin’s performance was outpaced by Ethereum (ETH), the largest altcoin in the market, whose price surged by 57% in the last 30 days alone.
Unlike Bitcoin, however, Ethereum’s price is still 49% below its record high of $4,878, which was reached during the last bullish cycle in 2021. Currently, Ethereum is trading at $2,476.
Featured image from DALL-E, chart from TradingView.com
