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Bitcoin scores landslide victory in Louisiana

Bitcoin scores landslide victory in Louisiana

In 2024, there have been many news and attention-worthy developments when it comes to Bitcoin (BTC) and the broader crypto market.

The years started with the approval of nine spot BTC exchange-traded funds (ETFs), saw the world’s premier cryptocurrency hit a new all-time high, and even offered several massive bloodbaths followed, for the most part, by recoveries that are just as impressive.

In early April, most eyes are turned toward the upcoming BTC halving but, throughout this time, another quiet yet important battle has been fought – and mostly won – by the greater crypto community: the fight to safeguard the people’s right to engage with Bitcoin.

The most recent triumph came in Louisiana where the state’s House of Representatives voted unanimously in favor of the bill – introduced in early March by Mark Wright and supported by the Pelican Institute – designed to ensure the individual rights to trade, self-custody, and mine Bitcoin.

A deluge of Bitcoin bill victories in the U.S.

The phenomenon is far from confined to Louisiana and, indeed, the state was the 11th in the nation to introduce such a bill.

In recent months, similar Bitcoin-guarding rights have been introduced – and generally passed – in Missouri, Nebraska, Mississippi, and multiple others, mostly with the participation of a cryptocurrency advocacy group called the Satoshi Action Fund.

Along with guaranteeing the right to mine, trade, and hold Bitcoin, many of the laws are also concerned with preventing the levying of additional – generally punitive – taxes on BTC mining operations as well as with clearly defining the relevant terms.

Bitcoin price chart

The recent Bitcoin-protecting bills come in tandem with a massive surge in the price of the coin which arguably had its origin in October 2023. As it stands, the last 52 weeks saw BTC rise 136.81%, and the last 6 months – highlighting the impact of the two-quarter rally – 143.40%.

Bitcoin has also been going strong in 2024 as it is up 62.39% since January 1.

BTC 24-hour price chart. Source: Finbold

Bitcoin price today, however, showcases the recent slowdown as the last 24 hours saw the cryptocurrency rise only 0.71% to $66,720. The correction is even more visible on the weekly chart – in which BTC is down 6.34%.

Still, it is noteworthy that Bitcoin reached and briefly held a new all-time high near $73,000 within the last 30 days of trading.

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