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Louisiana Introduces BTC Rights Bill Amid Price Rally To $68K – Crypto News

Published

1 year ago

March 5, 2024

Dripp

Louisiana has emerged as the 11th state to officially introduce a bill aimed at safeguarding fundamental Bitcoin (BTC) rights. Sponsored by Louisiana State Rep Mark Wright, the bill highlights various protections for Bitcoin users, reinforcing their right to engage with the digital currency ecosystem. The update comes amid the phenomenal Bitcoin price rally beyond $68,000.

Louisiana Presents Bill To Safeguard Bitcoin Rights

According to a post on X by the CEO and founder of Satoshi Act Fund, Dennis Porter, Louisiana State Rep. Mark Wright recently introduced a bill to preserve Bitcoin rights. Porter stated, “This landmark bill, championed by Mark Wright, is a testament to the growing recognition of the importance of Bitcoin in today’s digital economy.”

The legislation guarantees the freedom to “buy, sell, and trade” Bitcoin while also supporting essential processes like mining and validation. Furthermore, it emphasizes the importance of self-custody, empowering individuals to “control their digital assets.”

Porter emphasized the significance of these legislative efforts. He wrote, “These bills serve as a crucial tool in ensuring that the future of Bitcoin and other digital assets can flourish within the U.S.” By enacting such measures, states like Louisiana are not only protecting users’ rights but also fostering an environment conducive to Bitcoin innovation and growth.

With more states recognizing and protecting the rights of Bitcoin users, the nation stands at the forefront of a financial revolution. Last month, Ohio, South Carolina, and Mississippi emerged as leaders in protecting citizens’ rights to use Bitcoin. These states introduced bills aimed at reinforcing the fundamental freedoms associated with digital currency.

This development coincided with analysts predicting a bullish trajectory for the Bitcoin price. The initiative was spearheaded by Rep. Demetriou of Ohio, Senator Verdin of South Carolina, and Rep. Steverson from Mississippi.

Furthermore, they emphasized that these legislative efforts uphold the core principles of Bitcoin usage. Additionally, similar to the Louisiana bill, these bills sought to guarantee the unrestricted ability to buy, sell, trade, mine, and self-custody Bitcoin.

Also Read: South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH

BTC Price Rallies Beyond $68,000

The Bitcoin price peaked at $68,785 lately as the bullish run continued. Although BTC’s value slumped to the $66,000 level later, the recent gains weren’t erased. At press time, the Bitcoin price was up by 2.59% to $66,738.76. Meanwhile, the largest crypto boasted a market cap of $1.31 billion.

In addition, the trading volume skyrocketed 92.93% to $76.54 billion in the last 24 hours. Owing to the ongoing price rally, crypto analysts have offered price targets of up to $600,000 in the long run. Moreover, analysts even expect Bitcoin to surpass the gigantic gold market cap of $13 trillion.

Whilst, the BTC open interest gained 7.78% to $32.60 billion, which is a record high figure. On the liquidation front, shorts have been dominating with $93.46 million liquidations within the last 24 hours, according to Coinglass. Due to this short squeeze, the Bitcoin price could be propelled higher. Meanwhile, long traders have been competing with a massive $64.88 million liquidation.

Also Read: Breaking: Bitcoin (BTC) Price Breaks $65K, Ethereum (ETH) Tops $3,500