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cointelegraph.com Mar 26, 2025 06:01

IMX surges 15% after Immutable says SEC ended probe - The token tied to the crypto gaming giant Immutable surged 15% in the hours after it announced that the US Securities and Exchange Commission closed its investigation into the firm and would take no further action.The Immutable (IMX) token rose around 15% on March 25 to reach just under $0.74 shortly after the firm announced that the SEC shut its inquiry without any breach of violations, which Immutable said closed “the loop on the Wells notice issued by the SEC last year.” IMX matched crypto market downtrendIt is the highest price that IMX has reached since March 3, before a broader market decline — driven by prolonged uncertainty over US President Donald Trump’s tariffs and US interest rates — pushed it down to $0.46 on March 11.At the time of publication, IMX had retraced back to $0.67, according to CoinMarketCap. A move back toward $0.70 would wipe approximately $449,500 in short positions, according to CoinGlass data.IMX is up 0.34% over the past 30 days. Source: CoinMarketCapWhile the token price surged on the positive news, it barely moved when Immutable announced in November it had been issued a Wells notice. However, the broader market was already gaining momentum as Trump’s odds to win the election looked strong in the days before his eventual win on Nov. 5.Immutable co-founder Robbie Ferguson said in a March 25 X post that the SEC’s dropped investigation was “an enormous win for Web3 gaming.”“After a year of fighting, this threat to digital ownership rights has finally been put to rest,” Ferguson said.Related: Crypto influencer Ben ‘Bitboy’ Armstrong arrested in FloridaAmong the top gaming crypto tokens by market cap, several have seen an upswing over the past 24 hours. Gala (GALA) is up 2.78%, The Sandbox (SAND) is up 3.78%, FLOKI (FLOKI) is up 1.91%, and Axie Infinity (AXS) is up 1.50%.IMX hit its all-time high of $9.32 in November 2021 during a major rally in gaming tokens. There’s been speculation about when gaming tokens will experience another significant uptrend, as they’ve historically surged after the broader crypto market moves first.However, over the past 30 days, the total market cap of gaming tokens has dropped 3.65% to $13.13 billion, while trading volume has taken a bigger hit, falling 33.45% to $1.75 billion.Magazine: What are native rollups? Full guide to Ethereum’s latest innovationThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FOMO: 85%
cointelegraph.com Mar 26, 2025 05:43

North Carolina bills would add crypto to state’s retirement system - North Carolina lawmakers have introduced bills in the House and Senate that could see the state’s treasurer allocate up to 5% of various state retirement funds into cryptocurrencies such as Bitcoin.The Investment Modernization Act (House Bill 506), introduced by Representative Brenden Jones on March 24, would create an independent investment authority under the state’s Treasury to determine which digital assets could be suitable for inclusion into the state retirement funds.An identical bill, the State Investment Modernization Act (Senate Bill 709), was introduced into the state’s Senate on March 25.The bills define a digital asset as a cryptocurrency, stablecoin, non-fungible token (NFT), or any other asset that is electronic in nature that confers economic, proprietary or access rights.The North Carolina bills don’t set market cap criteria for digital assets, unlike other crypto bills that are working their way into law at the state level.Source: Bitcoin LawsThe newly created agency, dubbed the North Carolina Investment Authority, would, however, need to carefully weigh the risk and reward profile of each digital asset and ensure the funds are maintained in a secure custody solution.Bitcoin legislation tracker Bitcoin Laws noted on X that House Bill 506 wasn’t drafted as a Bitcoin reserve bill as it does not mandate the investment authority to hold Bitcoin (BTC) — or any digital asset — over the long term.North Carolina wants in on Bitcoin bill raceOn March 18, North Carolina senators introduced the Bitcoin Reserve and Investment Act (Senate Bill 327), which calls for the treasurer to allocate up to 10% of public funds specifically into Bitcoin.The bill — introduced by Republicans Todd Johnson, Brad Overcash and Timothy Moffitt — aims to leverage Bitcoin investment as a “financial innovation strategy” to strengthen North Carolina’s economic standing.Related: GameStop hints at future Bitcoin purchases following board approvalThe treasurer would need to ensure that the Bitcoin is stored in a multi-signature cold storage wallet, and the BTC could only be liquidated during a “severe financial crisis,” with approval from two-thirds of North Carolina’s General Assembly.The bill would also create a Bitcoin Economic Advisory Board to oversee the reserve’s management.According to Bitcoin Law, 41 Bitcoin reserve bills have been introduced at the state level in 23 states, and 35 of those 41 bills remain live.Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation

FOMO: 90%