- The UK rejects Bitcoin reserves while New Hampshire and the Trump administration embrace this approach, with countries like Czech Republic and Kyrgyzstan exploring similar options.
- Despite rejecting crypto reserves, the United Kingdom remains interested in tokenisation and DLT, while Japan, South Korea and Switzerland have also declined Bitcoin reserves.
- After a strong April, Bitcoin prices could reverse their correction according to Bitfinex analysts, having fallen from January’s all-time high to below US$75k.
- Bitcoin’s ability to hold above US$95k – the lower boundary of its former range – while trading at US$96,553 could signal a move back toward all-time highs despite macroeconomic turbulence.
Despite a global push toward including crypto – or at the very least Bitcoin – into state coffers, the United Kingdom is going a different way. Across the pond, the view is that Bitcoin & Co. are not “appropriate” for the Brits, with Emma Reynolds, Economic Secretary to the Treasury, saying there are no plans for a Bitcoin reserve – unlike New Hampshire, which has recently adopted one:
We don’t think that’s appropriate for our market. We understand that’s what the US is going for, but that’s not the plan for us.
Emma Reynolds, Economic Secretary to the UK TreasuryApart from New Hampshire on the state level, there’s of course also Trump’s executive order on a Bitcoin and crypto reserve, while some countries, like the Czech Republic and Kyrgyzstan are also exploring their options.
Nevertheless, Reynolds also said the UK is still very much interested in tokenisation and distributed ledger technology and is still cooperating on the regulatory front on digital assets.
Japan, South Korea and Switzerland have recently rejected proposed Bitcoin reserves. Several US states have also rejected similar bills, often citing Trump’s increased involvement with the industry and concerns over corruption.
Related: Bitcoin Reserve Bills Face Setbacks as Florida Joins Growing List of Rejecting States
Bitcoin Ready to Reverse Correction, Say Analysts
While this all may feel like a setback for the industry, it may not be that bad for Bitcoin and other cryptocurrencies after all. Bitfinex analysts wrote that following a strong April close, Bitcoin may be “reversing course after a steep early-month correction”.
After setting a new all-time high (ATH) in January following bullish momentum with Trump’s return to office, things took a turn for the worse rather quickly. His trade wars caused global markets to enter a state of fear from which they’re only slowly beginning to recover.
BTC then fell below the US$75k (US$115.6k) mark but has been steadily rising since. The oldest of all crypto coins now trades for US$96,553 (AU$148,903), a monthly increase of 24%.
Ready to Make New All-Time Highs?
The Bitfinex analysts added that the rally shows Bitcoin’s “resilience amid macroeconomic turbulence and shifting risk sentiment”.
They also said Bitcoin’s ability to hold the current critical technical level could signal further upside:
Reclaiming the $95,000 level—the lower boundary of its former three-month range—is now the key technical threshold. Holding this zone, especially as BTC consolidates above the short-term holder cost basis of $93,340, could lay the groundwork for a move back toward all-time highs.
BitfinexRead also: Crypto Chaos on Capitol Hill: Partisan Split Deepens Over Trump’s Digital Asset Ties
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