Plus: Another state FOMO'd into Bitcoin

GM. The market might feel like biting into a sour grapefruit sometimes, but don't worry - we've peeled back the drama and kept only the tasty insights.

💰 State-level Bitcoin reserves.

🍋 News drops: Gemini won't hire MIT students, Trump's Commerce Secretary pick supports government stablecoin reserve audits + more

🍍 Market flavor today

Find out more about the Fear & Greed Index here.

Name		Price	24H	7D
Crypto Market Cap: $3.61T 3.05% (24H)
	Bitcoin BTC	$105,066.55	2.95%	-0.78%
	Ethereum ETH	$3,265.07	5.43%	0.01%
	XRP XRP	$3.10	2.20%	-0.11%
	Solana SOL	$240.23	5.37%	-4.66%
	BNB BNB	$678.50	2.20%	-1.22%

Prices as of 01:00 PM EST. Click here to see live data.

The long-awaited Fed meeting everyone was freaking out about finally happened. There were nerves, sweat, and even panic-selling...

And the result?

... drum roll...

They gave us nothing (pretty much)! 🥳

The Fed kept interest rates at 4.25% to 4.5%, admitted inflation's still kinda high, but decided to just wait it out for now. Basically, their stance is neither hawkish nor dovish.

What was kind of a shocker, tho', is that Powell actually brought up the C word... crypto, of course. He mentioned that he'd like to see more regulations and that Congress has been busy working on it.

Overall, economist Alex Krüger says it was a good conference - Powell sounded hopeful about both Fed policy and the economy, with no negativity about tariffs.

Thanks to these mildly positive vibez, Bitcoin shot above 105K, and plenty of other top cryptos are glowing green again.

My portfolio before and after Fed meeting

Source: @naiivememe

So, if you were biting your nails and pulling your hair out, you can finally chill... at least until the next Fed meeting.

🥝 Memecoin harvest

These memecoins feel like they slid into the market group chat with a 'We run this now' attitude 😈

	Name		24H Change
	jelly-my-jelly JELLYJELLY		▲ 124K%
	WHY WHY		▲ 439%
	BLUB BLUB		▲ 60%
	LOFI LOFI		▲ 56%

Data as of 11:00 AM EST.

Check out these memecoins and plenty more here.

🇺🇸 The competition is ON

We've talked about this before - US states have started looking at Bitcoin some type of other way. A true enemies-to-lovers trope - from "BTC's a scam" to "Forget what I've said for years - here's a strategic Bitcoin reserve."

And would you look at that? Another one hopped on this trend. Here's the updated roll call:

Texas wants a Bitcoin reserve with a five-year lockup in cold storage;
Pennsylvania might let the state treasury invest up to 10% into BTC;
Ohio: drafted the Ohio Bitcoin Reserve Act;
New Hampshire proposed a bill to let the state treasury invest in BTC;
North Dakota wants to allocate state funds to digital assets, including BTC;
Oklahoma: House Bill to create a strategic Bitcoin reserve;
Massachusetts might invest up to 10% of the state's rainy-day fund in BTC;
Wyoming: legislation to let the state treasurer invest public funds in BTC;
Utah proposed putting 10% of state funds into BTC and some stablecoins;
Arizona: Senate Finance Committee approved a bill to establish a Bitcoin reserve for public funds;
And the latest, Illinois - introduced House Bill 1844 to create a state-run Bitcoin reserve with a five-year lockup before any sales.

Did you just skim that list? Yeah, my attention span is fried, too - but honestly, you didn't even need to read it to know what's up. Bitcoin = bullish. That's the takeaway.

The FOMO is real - states are racing to stack Bitcoin, and this is just the beginning 😎

...

… Yeah, yeah, yeah, I know. The thing is, the government still can't control Bitcoin, but if it starts using it, that's a W for all of us. Here's why:

1/ Price pump

States buying Bitcoin = stronger demand = pushing prices higher.

2/ Legitimacy

If you just rolled your eyes and went like, Bitcoin's already seen as a legit asset... I'd suggest you talk to a stranger on the street.

You'd be surprised how many still think crypto is some scam, fake internet money, or just have no clue what it even is.

And when states start holding BTC as a reserve asset, it could actually shift public perception.

3/ Pro-BTC regulations?

If states become financially tied to Bitcoin, they'll likely fight for friendlier crypto policies.

4/ Domino effect

More states might wanna join in;
Seeing governments invest in BTC might inspire institutional investors to do so, too;
Eventually, this could lead to entire countries competing to accumulate BTC.

It's crazy how far we've come. The only thing that might be crazier is that there are still people who don't understand.

🍋 News drops

💰 Howard Lutnick, Trump's Commerce Secretary pick, told the Senate he supports the government auditing stablecoin reserves. Bold move for a guy whose firm, Cantor Fitzgerald, handles billions backing Tether - the stablecoin that's basically been running on a "Trust me, bro" policy without full proof of its cash reserves.

📈 Tesla's Bitcoin holdings increased by $600M after a new accounting rule kicked in. The rule, active since December 2023, lets companies report crypto at its real market value instead of the old purchase price.

👎 Gemini says they won't hire any of MIT's grads if the school keeps Gary Gensler around. Why? Let's just say Gemini and the SEC have some bad blood, and Gensler is pretty much the face of it.

⛏ Grayscale launched a new ETF for anyone who wants to invest in Bitcoin mining companies. It includes firms that make money from mining BTC, selling mining equipment, or related services.

🎰 BKEX got busted in China for running what the court says was basically an online casino. The exchange let users bet USDT on crypto price moves with insane leverage (up to 1,000x), and the court wasn't having it - they officially ruled that these trades were straight-up gambling under Chinese law.