New Hampshire has made history as the first State in America to adopt the Strategic Bitcoin Reserve Bill into law. Months after Rep. Keith Ammon introduced the bill, it has now become law. The New Hampshire plan to gain exposure to Bitcoin is based on the model created by the Satoshi Action Fund, a firm affiliated with BTC bull Dennis Porter.
New Hampshire Breaks the Bitcoin Reserve Myth
According to the Press Release shared on X by Porter, the HB 302 Bill is now law, the first of its kind in the country. Under the new law, the State treasurer can buy Bitcoin and another digital asset with a market capitalization of at least $500 billion. Notably, only BTC fits this requirement.
Image Source: Dennis Porter on X
The New Hampshire BTC Bill was introduced in January and moved closer to adoption as the House assented in March. With the proposed law, the state can hold up to 5% of its funds in digital currencies.
The law also mandated US-regulated custody. Notably, the Bitcoin in the reserve has to be kept in a state-controlled Multisig with a qualified custodian. The State can also gain exposure to BTC through exchange-traded funds (ETF).
Meanwhile, this Bitcoin reserve Bill will not take effect until 60 days after Governor Ayotte signs it into law. This move from New Hampshire complements the general trend in the United States, where different regions are contemplating whether to proceed with crypto reserves.
In a contrarian move, Florida and Arizona recently took a different approach to their respective Bitcoin Reserve Bills. As reported by CoinGape, Arizona Governor Katie Hobbs vetoed the Bitcoin Bill, a controversial move that the industry criticized.
Update on the Federal Bitcoin Reserve Push
Conversations around States’ crypto adoption gained traction when President Donald Trump signed an Executive Order to establish the national crypto reserve in March. The plan at the time was controversial, as the initial template involved Bitcoin and altcoins like XRP and Ethereum as part of the reserve.
Even with the clarity secured later on, there is hardly a major update regarding the BTC adoption at the Federal level. Unlike the New Hampshire Bitcoin reserve move, the Federal government has chosen not to commit taxpayers’ money into the coin.
The reintroduced Bitcoin Act Bill from Senator Cynthia Lummis contains the legislative framework upon which the entire crypto adoption will be based. However, this Bill has not made it into law yet, leaving a lot of new possibilities for the top coin.
The SUI price is showing signs of a breakout as cryptocurrency ETP provider 21Shares made a major announcement regarding a SUI ETF. The company’s latest filing with the Securities and Exchange Commission (SEC) for an SUI exchange-traded fund in the United States has pushed the coin’s price high today.
21Shares files for SUI ETF amid US expansion
According to the company’s announcement, this filing is “a first step in expanding exchange-traded access to SUI.” The news comes alongside a newly formed partnership between 21Shares and the Sui blockchain network. Institutional interest is driving the expansion of the Layer-1 protocol’s global reach.
21Shares has formed a partnership with the Sui blockchain network while simultaneously filing for a SUI ETF with the SEC. The Switzerland-based company, headquartered in Zurich, is expanding its focus to the U.S. market after building an extensive suite of digital asset services across Europe.
We’ve filed with the SEC for a SUI ETF in the U.S. — a first step in expanding exchange-traded access to SUI.@SuiNetworkhttps://t.co/06X49EaiFN
Materials provided herein are intended solely for educational purposes only. These materials should not be construed as… pic.twitter.com/dgFpgybwSZ
“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out,” said Duncan Moir, President of 21Shares. The company stated that its decision to pursue Sui products is based on both conviction in the technology and growing investor demand.
The partnership will include product collaborations, research reports, and other initiatives designed to increase accessibility to the Sui ecosystem. Kevin Boon, President at Mysten Labs, the original contributor to Sui, stated that “Sui was designed to become the global coordination layer for digital assets.”
SUI price eyes breakout at key resistance level
The SUI price has shown strong price performance amid the ETF filing news, with an 11% surge in the last 24 hours. This recent jump adds to its 56% gain over the past 30 days and approximately 230% increase over the last year.
Technical analysis from crypto analyst Ted suggests SUI is approaching a critical price point. He mentioned that SUI is approaching a key resistance level. Ted said that the $3.8-$4 zone was rejected last time, and it is now attempting another breakout.
If SUI successfully breaks above the $4 mark, Ted suggests it “could soon hit a new ATH.” The price chart shows an upward trendline that has been supporting the price since late April. CoinGape has also released its price prediction for SUI, which shows a 49% bullish prediction.
Bitcoin (BTC) is hovering below the $94,000 level while still showing sensitivity to US economic indicators. Accordingly, this week’s US economic data could spark volatility in the crypto market.
From consumer confidence to labor market strength, economic indicators could influence sentiment and sway crypto prices.
US Economic Data To Watch This Week
The following US economic indicators could affect the portfolios of crypto market traders and investors.
“Let me try to help you make sense of everything that’s going on: Tariff madness, plunging consumer confidence, rising recession odds, market fragility and all the ways that the economy will shape your life,” economist Justin Wolfers remarked.
Consumer Confidence
The Consumer Confidence report will start the list of US economic indicators with crypto implications this week. On Tuesday, April’s Conference Board’s Consumer Confidence Index will show whether households are optimistic about financial conditions.
March’s 92.9 index signaled a relatively pessimistic outlook among US consumers concerning the economy and their financial situation.
According to data on MarketWatch, the median forecast is 87.4. Strong confidence often correlates with risk-on sentiment, driving investment into Bitcoin and altcoins.
Accordingly, reading below expectations might trigger profit-taking, denting confidence in the economy’s overall strength.
With global trade tensions, an unexpected decline could amplify safe-haven demand for Bitcoin, though volatility remains a risk.
“The soft data suggests that the hard data is set to fall. Consumer Confidence can lead the unemployment rate (inverted). If that ends up being the case this time around, we’re looking at around 6% or higher,” wrote Markets and Mayhem.
JOLTS Job Openings
This week, the Job Openings and Labor Turnover Survey (JOLT), which tracks demand, adds to the list of US economic indicators.
The last JOLTS report was released on April 1, covering February 2025 data. It reported job openings at 7.6 million, hires at 5.4 million, and total separations at 5.3 million. The next JOLTS report, for March 2025, is due on Tuesday, with a median forecast of 7.4 million.
A rebound above 7.6 million for crypto could signal economic resilience, boosting risk assets like Bitcoin. Strong openings suggest hiring confidence, potentially increasing disposable income for crypto investments.
However, a weaker-than-expected figure, potentially below the median forecast of 7.4 million, might stoke recession fears. Such an outcome would drive investors toward Bitcoin as a hedge.
Crypto markets react to labor market signals as they influence Federal Reserve (Fed) policy expectations. With rates at 4.25%–4.5%, a tight labor market could delay cuts, pressuring speculative assets.
ADP Employment
The ADP National Employment Report tracks private-sector job growth and will be out on Wednesday. March 2025’s 155,000 jobs beat expectations, signaling labor market strength despite tariff concerns.
A strong reading above 160,000 for crypto could ignite bullish sentiment, as job growth fuels consumer spending and risk appetite. If employment data suggests economic expansion, Bitcoin could gain more upside potential.
However, a miss below the March reading of 155,000 or below the median forecast of 110,000 might spark fears of a slowdown. This could push investors toward stablecoins or Bitcoin as safe havens.
Unlike the Bureau of Labor Statistics’ Non-farm Payrolls (NFP), ADP’s payroll-based methodology excludes government jobs. This methodology offers a granular view.
With markets eyeing Fed policy, ADP’s outcome will set the tone for Friday’s NFP.
Q1 GDP
The advance estimate for Q1 2025 GDP will be released on Wednesday. This data also measures economic growth.
Q3 2024’s 2.8% annualized rate fell short of expectations, pressured by trade deficits. Meanwhile, Q4 2024’s 2.4% reading came following a downward revision to imports.
Strong GDP growth above 3% in crypto signals economic health, often boosting Bitcoin as investors embrace risk. Nevertheless, crypto markets are sensitive to GDP revisions and influence Fed rate decisions.
With inflation concerns lingering, a strong GDP, higher than Q4’s 2.4%, might reduce rate-cut hopes, pressuring speculative cryptos. Conversely, sluggish growth could spur expectations of monetary easing.
PCE
The Fed’s preferred inflation gauge is the Core PCE (Personal Consumption Expenditures) Price Index. This US economic indicator, covering March, will come out on Wednesday this week after the March 28 data covering February.
After February 2025 saw a 2.5% year-over-year (YoY) PCE index, economists anticipate a modest drop to 2.2% for March, reflecting persistent price pressures.
Nevertheless, a PCE reading below 2.5% for Bitcoin could signal cooling inflation, raising hopes for rate cuts and boosting sentiment toward Bitcoin.
A hotter-than-expected figure above the previous reading of 2.5% might tighten Fed policy expectations. PCE’s exclusion of volatile food and energy prices offers a stable inflation view, making it a key driver of crypto sentiment.
With markets sensitive to monetary policy shifts, traders should monitor services spending, as it reflects consumer resilience. Nevertheless, volatility is likely, as PCE shapes the Fed’s rhetoric.
“March PCE inflation (out on Wed Apr 30) should read 2.1% (rounded). April PCE (out in late May) should read 2.0% (rounded). Tariffs are a boss but this is the Fed’s target measure. It could be time to cut, to be honest, politics aside,” wrote hedge fund manager Ophir Gottlieb.
Initial Jobless Claims
This week, the Initial Jobless Claims, reported every Thursday, adds to the list of US economic indicators. This data measures weekly unemployment filings. Claims are a high-frequency indicator, offering real-time labor market insights, and crypto markets often react swiftly to surprises.
For the week ending April 18, 222,000 claims indicated a steady labor market despite tariff chaos. Accordingly, claims below 222,000 could signal growing employment, fostering risk-on sentiment, and lifting Bitcoin.
However, higher claims above 222,000 could spark concerns of economic softening, driving investors to stablecoins or Bitcoin for safety. With the Fed closely monitoring labor data, an unexpected spike might fuel rate-cut speculation.
Non-farm Payrolls
The Non-farm Payrolls (NFP) report will be released on Friday. March 2025’s 228,000-job gain exceeded expectations, with unemployment at 4.2%.
A strong NFP could drive bullish momentum, as job growth signals consumer spending power. A weak report below the median forecast of 130,000 might trigger recession fears, pushing capital to Bitcoin as a hedge or stablecoins for stability.
NFP’s broad scope, covering 80% of GDP-contributing workers, makes it a market mover. Key interest will also be on wage growth, as 0.3% monthly increases suggest inflation pressures, potentially capping crypto gains.
With markets pricing in Fed policy, surprises could spark sharp volatility.
