Michigan has accelerated its push to establish a state-owned crypto reserve, with a key bill advancing to its second reading after months of legislative standstill. If passed, the measure will allow the peninsular state to hold 10% of its investment in digital assets.
OpenSea, the leading NFT marketplace, has launched a $1 million reserve to acquire and preserve culturally important digital art. The reserve began with the purchase of CryptoPunk #5273, marking a new chapter for the platform in showcasing NFTs as historical and artistic artifacts.
Metaplanet Inc., the Japanese company, recently acquired 103 additional bitcoins, for about 11.7 million dollars. This brought its total reserve to 18,991 BTC. Currently, these holdings are worth between 1.94 and 2.2 billion dollars according to estimates. Metaplanet thus confirms its place among the largest global institutional holders.
Arizona Governor Katie Hobbs vetoed two crypto-related bills due to concerns over market volatility while approving a law to regulate crypto ATMs, setting limits on transactions and requiring fraud protections.
A recent data analysis reveals that bitcoin reserves held by several exchanges are falling sharply. This trend could have major implications for the crypto market. In particular, exchanges could soon run out of liquidity and see their trading volumes plummet.