Bitcoin policy advocates celebrated several victories in the recent quarter, including the success of Texas SB 1929, a pro-mining bill, and the defeat of Texas SB 1751, an anti-mining bill. VP of Research at Riot Platforms Pierre Rochard expressed gratitude to everyone involved, stating, “Texas will continue to be #Bitcoin country!”

These legislative outcomes will contribute to the growth and stability of Bitcoin mining operations in Texas. As Brian Morgenstern, head of public policy at Riot Platforms reported, SB 1751 did not pass, ensuring the continuation of the state’s usage of Bitcoin miners’ flexibility in balancing and stabilizing the power grid.

In contrast, SB 1929 successfully passed, establishing a registration process for Bitcoin miners to share information with ERCOT, enhancing transparency and grid reliability. Additionally, HB 591 was approved, providing a tax incentive for utilizing gas that would otherwise be flared into the atmosphere for on-site Bitcoin mining, promoting emissions reduction.

Another significant development was the passing of HB 1666, which introduced a proof-of-reserves regime, positioning Texas as a leader in building confidence within the digital asset ecosystem. These legislative achievements reflect the collaborative efforts of various stakeholders and industry participants, including Riot Platforms, The Texas Blockchain Council and the Chamber of Digital Commerce according to Morgenstern.

In addition to these developments, public miner stocks also surged on the news that the U.S. debt ceiling deal may be finalized soon, and that it does not include President Joe Biden’s proposed 30% tax on energy used for Bitcoin mining.

While these successes mark important milestones, advocates acknowledge that their work is far from over. But the Bitcoin community remains optimistic about the future and the continued growth of the industry, with the positive outcomes achieved in Texas during this legislative session setting a favorable precedent for Bitcoin-related policies and innovation in the United States.

Source link

Source link

Bitcoin (BTC) recovered recent losses at the March 31 Wall Street open as traders looked for a strong monthly close.

PCE delights risk assets as with BTC price up $1,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $28,556 on Bitstamp after the opening bell, up $1,000 from the day’s lows.

The fresh gains followed encouraging macroeconomic data from the United States, with the February Personal Consumption Expenditures (PCE) index modestly beating expectations in some areas.

“We are making progress in the fight against inflation,” an official White House statement about the PCE numbers read.

“Today’s report shows annual inflation down by nearly 30 percent from this summer, against a backdrop of low unemployment and steady growth.”

More evidence of a decline in the US Inflation Rate…

The PCE Price Index moved down to 5%, its lowest level since September 2021. Peak was 7% in June 2022. pic.twitter.com/gR4pY1UVpf

— Charlie Bilello (@charliebilello) March 31, 2023

With inflation sticky yet seemingly not troubling markets, these appeared to increase bets on Federal Reserve interest rate hikes pausing in May, data from CME Group’s FedWatch Tool showed.

Risk assets thus traded higher in anticipation. The S&P 500 and Nasdaq Composite Index were both up around 0.5% higher at the time of writing.

Related: US enforcement agencies are turning up the heat on crypto-related crime

The mood around Bitcoin was equally buoyant, countering reservations among some traders who had warned of a significant retracement at or near the monthly close.

#Bitcoin / $BTC

AND BOOM THAT IS HOW IT’S DONE BOUNCE RIGHT OFF $27.5K

Now time to slowly grind back toward highs, reclaim $29K and initiate acceleration for full send pic.twitter.com/VDt6zn8lcA

— K A L E O (@CryptoKaleo) March 31, 2023

To the upside, data from monitoring resource Material Indicators showed the bulk of ask liquidity stacked at $29,000 prior to the PCE release.

Popular trader Crypto Tony entertained the idea of Bitcoin hitting $30,000 in the short term, with the price having held a key support level at $27,700.

Analytics account Skew, meanwhile, argued that spot buying pressure needed to hold to preserve current levels above $28,000.

Bitcoin “leaving” buy-the-dip territory

Moving to higher timeframes, optimism was no less in evidence.

Related: BTC price to $22K? Watch these key levels into Bitcoin monthly close

“Bitcoin is leaving another accumulation zone!” Caleb Franzen, senior market analyst at Cubic Analytics, announced on the day.

“Bitcoin’s 24-month Williams%R Oscillator is set to close above the ‘oversold’ threshold for March, which has marked an end to prior bear markets. Bullish long-term probabilities are improving, so long as we stay above the lower-bound.”

Franzen had previously covered the evolving status quo for the Bitcoin Williams %R oscillator across various timeframes as the 2023 uptrend began.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.