Deep Tide TechFlow News, May 22, XS.com market analyst Linh Tran said that the recent rally in cryptocurrencies is partly due to the favorable macro environment and institutional influx. The weakening of the US dollar has also strengthened Bitcoin's appeal as another store of value. On the policy front, Tran pointed to some positive developments, such as the approval of a bill by the state of Texas to establish a state-controlled bitcoin reserve, indicating that more and more legislators are embracing bitcoin as a long-term reserve asset.
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Deep Tide TechFlow News, May 22, XS.com market analyst Linh Tran said that the recent rally in cryptocurrencies is partly due to the favorable macro environment and institutional influx. The weakening of the US dollar has also strengthened Bitcoin's appeal as another store of value. On the policy front, Tran pointed to some positive developments, such as the approval of a bill by the state of Texas to establish a state-controlled bitcoin reserve, indicating that more and more legislators are embracing bitcoin as a long-term reserve asset.