Bitcoin all-time high updated, supported by the passing of the Texas bill and expectations from Vice President Pence | Virtual NISHI

! *This report was written by X-Bank Crypto Analyst Nishi (@Nishi8maru). This is an article I wrote for CoinPost.

Cryptocurrency Market Report (5/22 8 AM)

The cryptocurrency Bitcoin (BTC) reached an all-time high (ATH) in the early hours of the 22nd. The decisive factor behind this is that in Texas, which has the second largest GDP in the United States, the "Bitcoin Reserve Bill" was passed by both the House and Senate (which needs to be re-approved by the Senate), increasing the likelihood of its passage.

Breaking news platform: CoinPost Terminal

Market conditions from May 21 to May 22

Looking at the Bitcoin derivatives market as a whole, Open Interest (OI) remains at a high level. (Red frame in the image below). On the other hand, the funding rate has entered negative territory in some parts (blue box in the image below), and the market's stance seems to be neutral despite the all-time high.

! Looking at the options market, open interest has increased in the price range above $110,000 (red box in the image below). In particular, the surge in open interest of $130,000 is characteristic. Therefore, it seems that market participants' eyes are shifting to further highs.

### Current Situation Analysis (5/22 AM 8:00)

The background of the recent update of Bitcoin's all-time high, which has not occurred in about four months, includes the existence of the stablecoin regulation bill (GENIUS bill) that made progress towards establishment on the 20th, as well as the political tailwinds manifesting from the passage or prospects of friendly cryptocurrency legislation in various states across the United States.

Additionally, as the downgrade of U.S. Treasury bonds triggers a decline in trust in U.S. assets, the relative value of Bitcoin as a "stateless asset" that is not dependent on any nation is being reassessed.

In addition, U.S. Vice President Vance is scheduled to deliver a keynote speech at the Bitcoin 2025 conference, which will begin on May 27, raising expectations for a new policy announcement on cryptocurrencies. This combination of factors is a strong underpinning of the current upward trend in the bitcoin market.

Important Dates Ahead

• 5/22 Bitcoin Pizza Day
• May 22nd U.S. PMI announcement
• 5/27 Consumer Confidence Index in the US
• May 27, Bitcoin 2025, Vice President Harris speech (until 29th)

You can find the list of market reports published in the past here.

Contributor: Virtual NISHI virtual NISHIX-Bank crypto analyst. As a collaborator in producing BTC Status Alert and a planner and supervisor for DECOCHART, he is also involved in disseminating investment-related information necessary for the Japanese industry.