## Bitcoin Dips on Weaker Than Expected US Wholesale Prices

**Bitcoin** experienced a slight decline, dropping **1.3% to $102,655**, following the release of the April Producer Price Index (PPI) which showed a surprising **0.5% decline in wholesale prices**. This was contrary to economists' expectations of a **0.2% increase**. The **Core PPI**, excluding food, energy, and trade services, also edged down **0.1%**, marking the first decline since April 2020.

### Market Reaction and Analyst Insights

- **Ethereum** slipped **2.2%**, while **Solana** and **Avalanche** dropped **1.7%** and **2.1%**, respectively.
- **Meme coins** like **Dogecoin** and **Shiba Inu** traded within tight ranges after Tuesday’s CPI data.

Aurélie Barthere, Principal Research Analyst at Nansen, noted that the PPI wasn't a significant catalyst for Bitcoin, especially given the market’s muted response to recent CPI data. However, all eyes are now on **Fed Chair Jerome Powell’s remarks**, which could overshadow the data.

### What to Watch Next

- **Fed Chair Jerome Powell's remarks** could influence market sentiment, with potential implications for Bitcoin and altcoins.
- The **May 30 release of the PCE index** will provide further clarity on potential Fed policy changes.

Tracy Jin, COO of crypto exchange MEXC, warned that a **hawkish tone from Powell** could trigger a brief shakeout, particularly in overheated altcoins, and suggested Bitcoin might retest key support zones near **$97,000** or even slip as low as **$93,000**.

“If Powell signals no urgency to ease policy ... markets could still turn defensive,” an analyst told Decrypt.

Bitcoin's Price Reacts to Unexpected US Wholesale Price Drop - What's Next?

**Ukraine is considering creating a national strategic Bitcoin reserve.** This groundbreaking initiative is set to be developed in collaboration with **Binance**, one of the world's leading cryptocurrency exchanges. Government officials have confirmed that a related bill is currently being drafted and is expected to be submitted shortly.

### **Exploring a National Bitcoin Reserve**

Recent reports from a Ukrainian media outlet reveal that the country is actively working on legislation to establish a **national strategic Bitcoin reserve**. This move signifies a major step towards integrating cryptocurrency into national financial strategies.

**Yaroslav Zhelezniak**, a Member of Parliament and the First Deputy Chairman of the Committee on Finance, Tax and Customs Policy, has confirmed the preparation of a draft law. Although the text is still under finalization, it is anticipated to be presented soon.

### **Binance's Role and Legal Implications**

**Kirill Khomyakov**, Head of Binance in CEE, Central Asia, and Africa, has expressed support for this initiative. He highlighted that the project would necessitate significant legal reforms, potentially paving the way for clearer cryptocurrency regulations in Ukraine.

Earlier this year, hints were dropped about legislative efforts to enable crypto reserves, but details remained scarce until now. The initiative could mark a turning point for Bitcoin's legitimacy and adoption on a national scale.

### **Previous Legislative Efforts**

In April 2025, a draft law on virtual assets received approval from a key parliamentary committee. However, it was later withdrawn from consideration, reportedly at the request of the President’s Office. The National Securities and Stock Market Commission, while denying responsibility for the withdrawal, submitted over 80 amendments to the bill.

The establishment of a **national Bitcoin reserve** could have a bullish impact on Bitcoin, enhancing investor confidence, improving regulatory frameworks, and driving long-term adoption.

Ukraine is considering creating a national strategic Bitcoin reserve. This initiative will be developed in cooperation with Binance, a leading global crypto exchange. Government officials confirm that a related bill is being drafted and will be submitted soon.

3 days ago Bitcoin Articles Digested