Arizona Pushes Bitcoin Reserve Bill as BTC Rebounds Above $100k

• Bitcoin recovers from recent dip, regaining the $100k zone with a 2% increase in the last 24 hours
• Positive sentiment boosted by developments in the U.S. Bitcoin Strategic Reserve, including Arizona’s SB1025 bill
• Arizona and Utah propose bills to allow public funds to be stored in Bitcoin, aiming for 10% allocation

The world’s largest cryptocurrency has seen a recovery on January 28, following a retraction on the previous day. Yesterday we reported how a Wall Street meltdown caused cryptocurrencies to also collapse as investors temporarily lost trust in risky assets. 

However, after losing its $100,000 margin, Bitcoin was quick to recover. Over the last 24 hours, BTC grew from $99,698 to the current value of $102,894, marking a 2% increase throughout the day. 

This recent movement has not only led the currency to regain the $100k zone but also recovered some of its losses seen on the previous day. In order to completely recover, Bitcoin would need to grow a tad more to the $105,000 zone. 

Strategic Bitcoin Reserve on The Move

Part of the positive sentiment towards the world’s largest digital asset can also be attributed to recent developments unfolding regarding the much-awaited Bitcoin Strategic Reserve in America. 

On January 27th, the Arizona Senate Finance Committee approved the SB1025 Bill — marking a major step forward towards creating a Bitcoin reserve in the State. 

SB1025 was approved on a 5-against-2 vote and will look to allow Arizona to store as much as 10% of its public funds in Bitcoin. This development comes just a couple of days after the State of Utah proposed a similar bill to allow the Treasury to allocate BTC. 

The Senate Rules Committee is now tasked with creating a regulatory guideline for debate and potential changes to the current version of the SB1025. If approved the bill will then advance for the Arizona House of Representatives.

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