After a strong nine-day bullish streak, Bitcoin (BTC) dropped by 5.87%, falling from a peak of $91,765 to a low of $86,682.
Pennsylvania’s new bill allows the state treasury to invest up to 10% of its $7 billion fund in Bitcoin to hedge against inflation.
After maintaining a 9-day consecutive bullish streak, Bitcoin (BTC) drops over 5.87% in the last 24 hours, falling from a peak of $91,765 to an intraday low of $86,682.
However, the flagship cryptocurrency is currently attempting to recover from earlier losses during Asian trading hours. At the time of writing, Bitcoin is priced at $89,664 with a market cap of $1.77 trillion. Additionally, the daily trading volume of BTC has decreased by around 30% and now stands at $84.42 billion.
UPDATE: Pennsylvania House of Representatives introduces the #Bitcoin Strategic Reserve Act!
The new bill would allow the state treasury to hold up to 10% of its $7B fund in $BTC to hedge against inflation and diversify investments.
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