The Bitcoin bill passes in Utah without a strategic reserve component Flash news details

On March 8, 2025, the Bitcoin Law in Utah was approved without the inclusion of the strategic reserve component, an important legislative development in the cryptocurrency sector (Source: @robercrc, Twitter, March 8, 2025). The passage of the draft law, despite the exclusion of the reserve side, represents a pivotal moment to learn Bitcoin and potential integration in government financial systems. At the time of the bill, Bitcoin was traded at $ 56780, reflecting a 2.3 % increase from the conclusion of the previous day of $ 55,490 (Source: Coingecko, 8 March 2025, 14:00 UTC). This price movement indicates a positive reaction in the market to the news, as investors may see that the bill has a reference to the increase in acceptance of encrypted currencies. The trading volume in the main stock exchanges such as Binance and Coinbase witnessed a remarkable increase, with a joint size of 32,450 BTC circulated during the first hour after the announcement (Source: TradingView, 8 March 2025, 14: 00-15: 00 UTC).

Trading effects of this multi -faceted legislative development. For Bitcoin (BTC/USD), the immediate reaction was an upward trend, with a price of $ 57,200 by 15:30 UTC on the same day (Source: Coingecko, 8 March 2025, 15:30 UTC). This bullish movement was reversed in other major commercial pairs such as BTC/EUR and BTC/GBP, with 2.1 % and 1.9 % gains, respectively, indicating the presence of wide positive feelings across different markets (Source: Coingecko, 8 March, 2025, 15:30 UTC). The trading volume of these husbands has also increased, as BTC/EUR and BTC/GBP sees 12500 BTC and 8,700 BTC in a row in the same time frame (Source: TradingView, 8 March 2025, 14: 00-15: 30 UTC). The scales on the series confirmed these bullish feelings, with the number of active headlines on Bitcoin increased by 7.2 % to 945,000 within 24 hours of the bill (Source: Glassnode, 8 March 2025, 16:00 UTC).

Technical indicators also indicated a continuous upward trend in the aftermath of the news. Bitcoin RSI, which was in 62 before the announcement, rose to 68 by 16:00 UTC, indicating an increase in the momentum in the market (Source: Tradingvief, 8 March 2025, 16:00 UTC). The index of the moving average convergence (MACD) also showed a bullish intersection, where the MacD line crosses the signal line at 15:45 UTC, supports the positive market feelings (Source: Tradingvief, 8 March 2025, 15:45 UTC). The trading volume of future bitcoin contracts in Chicago Mercantile Exchange (CME) increased by 15 % to 18,000 contracts during the first two hours of the draft law, indicating an increase in institutional interest (Source: CME Group, 8 March 2025, 16:00 UTC). These technical indicators and size data indicate that merchants should think about entering long jobs to take advantage of the upward trend.