BTC price fell over the weekend, testing $98,000 on Friday and then dipping below $94,000. ETH price remained stubbornly between $1,800 and $1,850, trading in a very narrow range.

Although it broke above the 200-day moving average since the week before last, this week’s moves have clearly continued to push higher. This mirrors a situation where the moving average was breached to the upside in March this year, then dropped below two months later and rose again.

Recently, figures like Arthur Hayes and CZ have circulated predictions of Bitcoin reaching $1 million (100 million yen), appearing in the media.

◯ New Hampshire becomes the first state to pass a Bitcoin reserve bill

On May 6, 2025, Governor Kelly Ayotte of New Hampshire signed HB 302, making the nation’s first “Bitcoin & Digital Asset Reserve Fund” law.

HB 302 grants the state treasurer the authority to hold certain digital assets as reserves. Specifically, digital assets with a market capitalization exceeding $500 billion (currently only Bitcoin) can be purchased and held up to 5% of the state's total assets.

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Finally, a Bitcoin reserve bill has been passed in a U.S. state for the first time.

Just recently, the Arizona governor issued a veto, and it has been said that it would be difficult for similar bills to pass in other states going forward.

All eyes are on whether this momentum will spread to other states.

◯ Arizona Governor vetoes Bitcoin Reserve Bill

Arizona Governor Katie Hobbs, a Democrat, blocked a bill that would allow public funds in the state to invest up to 10% in cryptocurrency.

“Arizona's retirement system is sound and well-informed in its investments, making it among the strongest in the nation,” Hobbs wrote in a letter explaining the veto. “Arizona’s public pension funds are not places for states to experiment with untested investments like cryptocurrencies.”

This veto drew criticism from prominent members of the Bitcoin community on X: “Impeach Katie Hobbs. She ruined Arizona.” — the block

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Although the committee approved it, the governor vetoed it, making it a near miss. Arthur Hayes is said to be unlikely to see passage under the current circumstances.

With the 2024 election of Trump, there is a trend toward reserve Bitcoin, but passing on a weekly basis remains difficult.

◯ Ethereum’s pectra completion

Pectra has been released on the Ethereum mainnet!

- Smart account wallet UX features are now available

- L2 scaling data storage blob has doubled

- Improvements to validator UX published

Community members will continue to monitor for issues over the next 24 hours.

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The much-anticipated Ethereum upgrade, pectra, has been completed.

It makes wallets more user-friendly, optimizes network fees, and relaxes the staking requirement from 32 ETH, enabling more people to participate.

There are now moves to enable staking rewards for Ethereum in ETFs as well.

(awaiting SEC approval)

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(This article has been published since 2016.)

Virtual currency market analysis [May 7]