DeFi News Today TheBitTimes.com

Bitcoin’s price might have held near $28,000, but the absence of shorts using margin and futures markers is a bullish indicator. Despite regulatory pressure and worsening macroeconomic conditions, Bitcoin (BTC) demonstrated bullishness, holding near $28,000 for the past week. Furthermore, professional traders have maintained leveraged long positions on margin and in futures markets, indicating strength. On the regulatory front, on April 4, the Texas Senate Committee on Business and Commerce agreed to move forward and remove incentives for miners operating within the state’s regulatory environment. If passed, Senate Bill 1751 would cap compensation for load reductions on Texas’ power grid during emergencies. Risk of recession grows against rate hikes  The risk of a recession in the United States grew after applications for unemployment benefits in the week ending March 25 were revised to 246,000, up 48,000 from the initial report. Furthermore, Kristalina Georgieva, managing director of...

A 5.5% weekly decline in the total crypto market capitalization might have sucked the wind out of some altcoins, but it has done little to alter traders' bullish point-of-view. The recent weakness in the crypto market has not invalidated the six-week-long ascending trend, even after a failed test of the channel's upper band on Feb. 21. The total crypto market capitalization remains above the psychological $1 trillion mark and, more importantly, cautiously optimistic after a new round of negative remarks from regulators. Total crypto market cap in USD, 12-hour. Source: TradingView As displayed above, the ascending channel initiated in mid-January has room for an additional 3.5% correction down to $1.025 trillion market capitalization while still sustaining the bullish formation. That is excellent news considering the FUD — fear, uncertainty and doubt — brought down by regulators regarding the cryptocurrency industry. Recent examples of bad news are, a United States District Cou...