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Arkansas Rejects Crypto Mining Restrictions
The Arkansas Senate has rejected Senate Bill 60, which would have prohibited crypto mining facilities within a 30-mile radius of any military facility in the state.
The bill required digital asset mining operations within this zone to cease operations unless they had obtained permits before December 31, 2024.
Arkansas Lawmakers Say No to Crypto Mining Restrictions
Senate Bill 60, titled “To Prohibit a Digital Asset Mining Business from Being Located Within a Thirty-Mile Radius of a Military Facility,” was rejected on Thursday in a 6-1 vote, according to the Arkansas Democrat-Gazette.
Senator Ricky Hill and Representative Brian S. Evans introduced the bill. They argued that while digital asset mining—commonly known as crypto mining—presents economic opportunities, it also carries risks.
“Risks posed by digital asset mining include without limitation threats to national security and the security of the State of Arkansas,” the bill read.
The bill added that these crypto mining risks are heightened when such facilities operate within a thirty-mile radius of military bases in Arkansas.
“This act is immediately necessary in order to ensure the health and safety of the State of Arkansas and its citizens,” the bill asserted.
Had it passed, the legislation would have required digital asset mining businesses within the designated radius to shut down. This would have applied unless they had obtained permits from the Oil and Gas Commission before December 31, 2024.
Additionally, ongoing construction of mining facilities within these zones would have been required to cease. The bill also granted the Attorney General the authority to investigate potential violations. This included the power to issue subpoenas and collect sworn statements to enforce compliance.
Despite these provisions, the bill failed to gain sufficient support, leaving digital asset mining businesses free to operate without the proposed restrictions.
This development follows Arkansas’ April 2023 “Right to Mine” law. The law protected Bitcoin mining activities in the state by loosening restrictions on commercial crypto mining. Nonetheless, it faced substantial opposition, with critics citing environmental and energy consumption concerns.
Meanwhile, lawmakers in North Dakota have introduced legislation to safeguard the rights of cryptocurrency users and miners. Representative Nathan Toman has put forward a bill designed to protect fundamental Bitcoin-related rights.
Dennis Porter, CEO of the Satoshi Action Fund, confirmed the bill’s introduction via social media platform X (formerly Twitter).
“This bill will protect the: Right-to-Mine – Right Self-Custody – Right to Peer-2-peer Transactions – Right to Run a Node,” Porter stated.
These developments come as interest in crypto grows at the national level. President Donald Trump, now serving his second term, has voiced strong support for the domestic Bitcoin mining industry. He has publicly advocated for all future Bitcoin mining to take place within the US, reinforcing his administration’s pro-crypto stance.
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XRP price started a fresh decline below the $2.050 zone. The price is now consolidating and might face hurdles near the $2.10 level.
- XRP price started a fresh decline below the $2.120 and $2.050 levels.
- The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.10 resistance zone.
XRP Price Attempts Recovery
XRP price extended losses below the $2.050 support level, like Bitcoin and Ethereum. The price declined below the $2.00 and $1.980 support levels. A low was formed at $1.960 and the price is attempting a recovery wave.
There was a move above the $2.00 and $2.020 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. However, the bears are active below the $2.10 resistance zone.
The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.070 level. There is also a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.10 level. It is near the 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. The next resistance is $2.120.
A clear move above the $2.120 resistance might send the price toward the $2.180 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.960 level.
If there is a downside break and a close below the $1.960 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.90 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.00 and $1.960.
Major Resistance Levels – $2.10 and $2.120.
Reason to trust
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Ethereum price attempted a recovery wave above the $1,820 level but failed. ETH is now consolidating losses and might face resistance near the $1,840 zone.
- Ethereum failed to stay above the $1,850 and $1,840 levels.
- The price is trading below $1,840 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,820 and $1,840 resistance levels to start a decent increase.
Ethereum Price Dips Further
Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH traded as low as $1,751 and recently corrected some gains. There was a move above the $1,780 and $1,800 resistance levels.
The bulls even pushed the price above the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low. However, the bears are active near the $1,820 zone. The price is now consolidating and facing many hurdles.
Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,810 level. There is also a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD.
The next key resistance is near the $1,840 level or the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low at $1,850. The first major resistance is near the $1,880 level.
A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,750
Major Resistance Level – $1,850
Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
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Bitcoin price started a recovery wave from the $81,200 zone. BTC is consolidating losses and facing hurdles near the $83,500 resistance level.
- Bitcoin started a decent recovery wave above the $82,200 zone.
- The price is trading below $83,200 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $83,500 zone.
Bitcoin Price Faces Resistance
Bitcoin price extended losses below the $82,500 support zone and tested the $81,200 zone. BTC formed a base and recently started a decent recovery wave above the $82,200 resistance zone.
The bulls were able to push the price above the $82,500 and $83,000 resistance levels. The price even tested the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low. However, the price is struggling to continue higher.
Bitcoin price is now trading below $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level. There is also a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair.
The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,000 level or 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.
Another Decline In BTC?
If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,200 level. The first major support is near the $81,200 level.
The next support is now near the $80,500 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $82,200, followed by $81,200.
Major Resistance Levels – $83,500 and $85,000.
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