The reason for the big drop has been found 🔽

On April 28th, 2023, the Arizona State Legislature in the United States passed the 'Strategic Bitcoin Reserve Act' (SB1025) after several rounds of deliberation, making it the first of its kind in the United States. The next step is to obtain the governor's signature, which will allow the state government to invest up to 10% of public funds in Bitcoin.

However, earlier, Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which aimed to allow the state government to invest 10% of public funds in virtual currencies. In her veto statement, Hobbs expressed concerns about the 'unverified' nature of virtual currencies, emphasizing that Arizona's retirement system is one of the most robust in the country, and that the retirement funds of state residents are not suitable for attempting unverified investments like virtual currencies. She cited concerns over the volatility of digital assets and the lack of regulatory clarity, labeling Bitcoin as an 'untested investment.'

This has shattered what could have been a milestone for Arizona to become the first state in the U.S. to incorporate Bitcoin into its official reserves.