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The post Texas Senate’s Bitcoin Reserve Hearing: A Game Changer or Symbolic Move? appeared first on Coinpedia Fintech News The Texas Senate is all set to hold a public hearing, tomorrow, to discuss creating a Bitcoin reserve. However, market analysts believe that the move may be symbolic unless the state announces a clear investment plan. The first public hearing for the establishment of a potential strategic Bitcoin reserve in Texas is scheduled for Feb. 18, less than a week after the bill was received by the Secretary of the Senate, according to the Texas government’s website. “A Symbolic Move” Despite being a positive step for Bitcoin adoption, the hearing may only represent a ‘symbolic move’ for cryptocurrency markets, according to Iliya Kalchev, dispatch analyst at Nexo. “Texas considering Bitcoin as a reserve asset is another chess move in BTC’s march toward institutional legitimacy, but state-level initiatives often make ripples, not waves, compared to ETF inflows or corporate treasury allocations,” Kalchev noted. Kalchev pointed out that unless Texas announces specific actions, like buying Bitcoin soon or a major policy shift, the market won’t react strongly. This is because Texas is already known for its pro-crypto stance, and hence the news itself won’t be surprising. Lately, Bitcoin has lacked upside momentum, trading under the $100,000 for over nine days since Feb. 7. COO of Bitget, believes that Bitcoin will continue to face pressure in the short term due to the ongoing trade tensions between the US and China. Upcoming Events Could Reignite Interest Nevertheless, Key events this week like the upcoming FOMC minuted could stir and reignite the markets. The Federal Reserve will release the minutes from its January meeting on Wednesday, where it decided to keep interest rates steady. Besides, Trump’s tariffs are also adding inflationary pressure. Nevertheless, Bitcoin has displayed a resilient performance. While the positive developments surrounding Bitcoin reserve legislation signal growing institutional adoption, Kalchev noted that macro forces like fed policy and regulatory shifts will ultimately shape Bitcoin’s trajectory. Texas’ push for a Bitcoin reserve marks a significant shift in both economic and political landscapes, with other states following suit. Kentucky, for example, has become the 16th state to propose legislation that would allocate up to 10% of excess state reserves into digital assets. These moves highlight the growing trend toward crypto adoption across the U.S.

Best Crypto to Watch Now – Key Opportunities in the Market The crypto market is evolving, and altcoins are showing mixed signals. With the altcoin sector valued at over $275 billion, investors are searching for high-potential tokens. Here are three projects worth watching: 1. Nexo ($NEXO) – Expanding Financial Services Nexo is gaining traction by expanding its Nexo Card across European markets. This card enables users to spend crypto without selling, offering both debit and credit functions. With a 62% adoption rate in the European Economic Area, Nexo continues to grow. Currently priced at $1.34, NEXO has increased 29% over the past year and is trading 10.10% above its 200-day SMA. 2. Curve DAO Token ($CRV) – DeFi Liquidity Powerhouse Curve specializes in stablecoin trading with minimal price slippage. It remains a top DeFi protocol, securing billions in total value locked (TVL). CRV is currently at $0.5301, reflecting a 5.25% decline in 24 hours but a 9.42% gain over the last week. The token had 15 green days last month, showing resilience despite volatility. 3. Celestia ($TIA) – Modular Blockchain Innovation Celestia revolutionizes blockchain scalability by separating execution and consensus layers. Ranked #53 on CoinMarketCap, TIA is priced at $3 with a $1.6B market cap. While it’s 51.65% above its lowest price, it remains below its all-time high of $20.91. 📌 Conclusion: Each of these projects offers unique growth potential. Traders should monitor technical indicators and market trends for the best opportunities!

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At the core of the 2024 crypto conversation is the Bitcoin halving, a pre-programmed event that occurs approximately every four years, reducing the reward for mining Bitcoin by 50%. Historically, the halving is not only anticipated because of the technical update but also because of the significant price movements that follow.  In previous halving events (2012, 2016, and 2020), Bitcoin experienced substantial increases in value in the months following the halving. While past performance does not indicate future results, these patterns have fueled speculation about a similar upsurge in 2024. The demand and supply economic principle is the rationale most experts use to explain the positive price action that follows the halving. The halving reduces the rate at which new Bitcoins are produced, thus slowing down the inflation of Bitcoin’s supply. If the demand remains steady or increases, higher prices could result from the reduced supply growth, assuming that market fundamentals remain unchanged. This has led to major price predictions entering the new year. Here are some of the top Bitcoin (BTC) price predictions for 2024:  Antoni Trenchev, a noted bitcoin bull and co-founder of Nexo, a cryptocurrency exchange, believes bitcoin could hit $100,000 in 2024. In 2022, Carol Alexander, a finance professor at the University of Sussex, successfully predicted Bitcoin’s future price. This year, Alexander predicts that BTC will be in the $40,000 and $55,000 range.  In November 2023, Standard Chartered reiterated its $100,000 bitcoin prediction from April. Youwei Yang, the chief economist of Bit Mining, a crypto-mining company, predicts that Bitcoin could reach $75,000 by 2024. Seth Ginns, managing partner at CoinFund, told CNBC that the firm believes Bitcoin will likely be valued between $250,000 and $500,000 in 2024.

$XRP's recent surge is attributed to a combination of factors, including favorable regulatory progress, a rebound in the crypto market, and the token's fundamental strengths and popularity. According to Nexo research analyst Iliya Kalchev, the significant increase in $XRP open contracts indicates its growing appeal, expanding investor base, and increased trading activity ¹. XRP has repeatedly broken through the $2 mark since December and has become one of the best-performing altcoins over the past 30 days. Ripple's approval by the New York State Department of Financial Services (NYDFS) to launch RLUSD stablecoin has further boosted market confidence. Several key factors are driving XRP's growth, including: - *Ripple's Legal Victory*: The partial victory against the SEC in August 2024 has restored investor confidence and increased adoption of XRP Ledger by financial institutions. - *Rising Institutional Interest*: Growing adoption by banks and payment providers, as well as a potential spot XRP Exchange-Traded Fund (ETF), are contributing to XRP's upward momentum. - *Bullish Market Sentiment*: The overall cryptocurrency market has been performing well, with Bitcoin stabilizing around $97,000, creating a positive environment for altcoins like XRP. While the future looks bright, investors should remain cautious due to regulatory developments, market volatility, and competition. As Kalchev stated, XRP's trend will depend on Ripple's strategy and market maturity ¹.