Bitcoin Fear and Green Index Newsletter. Block 31

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Bitcoin Fear and Green Index Newsletter. Block 31
By Bitcoin Fear And Greed Index • Issue #31 • View online
Welcome to this week’s issue of Bitcoin Fear and Green Index Newsletter. It is a community-driven effort, and we all hope to see this newsletter grow with quality insight and analytics from community contributors like yourself. Read till the end to learn how you can participate.

Current Bitcoin Fear and Greed Index
This week’s Technical Analysis
Bitcoin & The Altcoin Market
Bitcoin & The Altcoin Market
This past week, Bitcoin rose from the ashes of doubt and rallied to the high of $45,100. In today’s newsletter, I will talk about the correlation between Bitcoin and the altcoin market, particularly, the altcoin season. I’ll also detail Bitcoin’s macro momentum and the critical signals to look out for.
Bitcoin & The Altcoin Market:
When looking for a hedge against macroeconomic uncertainties and corruption, Bitcoin has you covered. That being said, for those who choose to take on bigger risks with altcoins, I’d recommend that you keep track of Bitcoin and its Momentum Band; this can help you identify major momentum shifts in the altcoin market.
How and Why?
Historically, the confidence threshold for altcoin participants on the macro typically coincided with Bitcoin being above its Momentum Band(MB). The band consists of the 20 week simple moving average, and the 21 week exponential moving average. The chart above illustrates how, during the summer of 2021, the altcoin market had an immediate build-up of momentum as soon as Bitcoin tested and breached the MB. Notice how 2 candles later, even though Bitcoin broke out of the MB but formed a smaller candle body than those before it, the altcoin market rallied parabolically. Considering that the 20 and 21 week moving averages are equalizing Bitcoin’s price on a high time frame, dating back nearly 5 months, it would make sense why the altcoin market would overreact whenever Bitcoin tested those levels.
Bitcoin is now retesting the Momentum Band. As seen on the chart above, as soon as Bitcoin breached through the MB, the altcoin market initiated an immediate build-up of momentum. Moreover, notice how the altcoin market formed a higher high regardless of Bitcoin’s lower high; this signifies just how geared up the altcoin market is for a potential leg to the upside. Should Bitcoin break above the band entirely (upper bound currently at $45,400), expect the altcoin market to have a hyperbolic rally, significantly outperforming Bitcoin and initiating a brand new altcoin season.
Bitcoin's Momentum on The Macro
Bitcoin's Momentum on The Macro
Bitcoin & The Macro Momentum:
The chart above displays the Momentum indicator with regard to Bitcoin. If we go back to the first quarter of 2021 and track Bitcoin’s Momentum from its highest peak and onward, we’ll notice a diminishing trend on the +ve side of the oscillator, forming lower highs up until early August where a +ve irregularity spike was drawn. This +ve irregularity spike essentially broke the downward trend and indicated that a potentially major shift in momentum was imminent. It’s important to note that the -ve side of the Momentum was forming considerably lower highs from the flash crash of May, and to the crash of July 20; this signified that the bearish momentum was diminishing at a rapid pace, regardless of the successive market capitulation events and lower lows. Also note how Bitcoin had to break above its previous accumulation phase high, around $41,300, before it could initiate a true macro reversal to the upside.
Today, Bitcoin’s Momentum is also forming a diminishing trend on the +ve, and the same on the -ve. This puts it in a neutral bullish territory, especially when considering the price action.
What does Bitcoin have to do next?
Same as it did in August of 2021, Bitcoin has to break above its previous accumulation phase high, this time, the target being $46,000. If this break was to coincide with the Momentum forming a +ve irregularity spike that breaks the diminishing trend, this would act as a critical indicator of a potential macro bullish reversal.
With that said, have a bullish week, until we meet again.
- Sultan
TA review by @CryptoSultan21
Bitcoin Adoption News This Week
This Week In Bitcoin Adoption
TL;DR
  • Southeast Asia’s Largest Online Sneaker Marketplace Now Accepts Bitcoin
  • Ukrainian President Zelensky Signs Law Legalizing Bitcoin
  • ZEBEDEE Adds Lightning Off-Ramp For Bitcoin Gaming Rewards in Brazil
  • SoftBank-Backed Broker Avenue Debuts Bitcoin Trading
  • Top-10 Ranked UFC Fighter To Be Paid In Bitcoin
  • Malaysia Discusses Legalizing Bitcoin, Regulatory Obstacles
  • Goldman Sachs Partners With Galaxy Digital For First Bitcoin Options Trade
Southeast Asia’s Largest Online Sneaker Marketplace Now Accepts Bitcoin
Novelship, Southeast Asia’s largest online marketplace for authentic sneakers, apparel, and collectibles, is now accepting bitcoin and other cryptocurrencies as payment, per a press release sent to Bitcoin Magazine. At Novelship, we like to have our finger on the pulse by not only being open to adopting new technology and innovation onto our platform but also by actively listening to our users,” said Richard Xia, Novelship CEO, per the release. The growing age of commerce has companies like Novelship routinely reaching out to their customers directly to figure out what is important to them. Like many companies before it, Novelship decided to reach out to its consumer base for feedback on rising alternatives for payment methods. “A strong example of this is an internal survey we commissioned which found an overwhelming number of the surveyed customers to be interested in alternative assets such as cryptocurrency,” Xia explained. Novelship’s innovation was made possible through a partnership with TripleA, a cryptocurrency payment gateway for businesses licensed by Singapore’s central bank and financial regulation watchdog, the Monetary Authority of Singapore (MAS).
Ukrainian President Zelensky Signs Law Legalizing Bitcoin
President Volodymyr Zelensky of Ukraine has officially signed into law the structure upon which Ukraine will build bitcoin and other cryptocurrency markets, legalizing the emerging market in a way that is “bringing the crypto sector out of the shadows,” according to a translated press release from the Ministry and Committee for Digital Transformation of Ukraine. “Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies,” said Deputy Prime Minister of Digital Transformation, Mykhailo Fedorov in the official release on February 17, the day the Ukrainian parliament passed the law with 270 votes in favor. “There will appear a transparent mechanism for investing in a new asset class,“ the minister continued. Bitcoin Magazine has covered the bill at the time of passing, discussing regulations by which bitcoin and other cryptocurrency exchanges must abide, defining the National Securities Commission as its regulatory agency, and outlining possible fines for violations of the standards presented in the document titled “On Virtual Currency.” The signing of this law comes after it was previously passed in September of last year, but was subsequently vetoed by the president in October.
ZEBEDEE Adds Lightning Off-Ramp For Bitcoin Gaming Rewards
ZEBEDEE, a Bitcoin-only gaming fintech company, has announced a new integration with Bipa – a Brazilian bitcoin exchange with Lightning Network support – which allows users to easily convert bitcoin earned from gaming to on-ramps of the Brazilian banking system in seconds, according to a press release sent to Bitcoin Magazine. “Being able to move and exchange Bitcoin quickly and affordably is critical for users who wish to use their digital assets in the real world,” said the founder of Bipa, Luiz Parreira, in the release. “ZEBEDEE is focused on leveraging Bitcoin to provide novel functionality for the gaming industry with the most popular cryptocurrency in the world, and I’m excited to see the value they are creating for gamers in Brazil.” ZEBEDEE said in the release that the Brazilian real (BRL) has a high conversion rate from BTC, and the company already possesses a strong user base of players who are regularly using this increased conversion rate as a way to fund both virtual purchases for skins (in-game cosmetics) and for real-world purchases like paying for rent and groceries. With an established customer base invested into the system, ZEBEDEE allowing efficient on-ramp access for the Brazilian Real is a no-brainer. Parreira continued, “Making sure these users can make good use of their earned Bitcoin is a major part of empowering gamers, and I’m glad that Bipa can provide this capability to help close the loop.”
SoftBank Broker Avenue Debuts Bitcoin Trading
SoftBank-backed broker Avenue Securities debuted native, no-fees bitcoin trading services on Wednesday through integration with B2B platform Apex Crypto to meet the growing demand for BTC and cryptocurrency among its over 500,000 Brazilian clients. “Trading cryptocurrencies is now officially a reality with Avenue Digital Assets,” the company said in a Wednesday email to investors seen by Bitcoin Magazine. “All this with the same ease of our services that you already know, and integrated into your platform.” Cryptocurrency trading was live on Avenue’s website on Wednesday and launched on mobile the following day. But while trading has been enabled, Avenue customers don’t have the option to withdraw purchased cryptocurrency to external self-custody wallets at the moment. The news comes nearly one month after the U.S.-based securities brokerage firm specializing in serving Brazilian customers announced plans to debut the feature. Avenue’s app now provides the user with a direct interface through which they can trade bitcoin, however, the actual negotiation happens on the backend at Apex Crypto’s platform. To opt into the new feature, a customer needs to accept Apex’s terms and conditions and consent to Avenue to send their personal information to the third-party service provider, which will open an account for them.
Top-10 UFC Fighter To Be Paid In Bitcoin
The #8-ranked UFC flyweight fighter Matheus Nicolau penned a deal to receive his future fight earnings in bitcoin through the payroll service, Bitwage, on March 21st, 2022. Nicolau is the first Latin American UFC athlete to take a paycheck in bitcoin. “I’m thrilled to be receiving my earnings in bitcoin,” Nicolau stated. “As an athlete, I work hard to earn a living for myself, but with rising inflation, I worry that this hard work goes to waste. By using Bitwage to earn bitcoin, I know that I am securing the value of my work.” Nicolau, a Brazilian native of Belo Horizonte, has come to understand the importance of Bitcoin, while the market has seen explosive growth over the past two years in South America due to economic burdens like inflation. “We are very bullish on Bitcoin,” Nicolau’s manager Vinícius Las Casas commented, “and we are looking to spread the Bitcoin gospel with this latest deal.” Alongside the Brazilian fighter, his manager will also be using Bitwage to receive a portion of his wages in bitcoin. Bitwage is the world’s largest payroll, invoicing, and benefits company in the Bitcoin space. Its services allow both individuals and companies around the world to receive their monthly wages in bitcoin. Bitwage is pioneering the payroll industry with its bitcoin 401k and lightning payroll products.
Malaysia Discusses Legalizing Bitcoin
Malaysia’s deputy minister of The Ministry of Communications and Multimedia (K-KOMM), Zahidi Zainul Abidin, addressed the lower bicameral branch of federal Malaysian legislature – known as the Dewan Rakyat – to present a call-to-action for Malaysian parliament to adopt cryptocurrencies such as bitcoin as legal transfer, according to Bloomberg. “We hope the government can allow this,” Zahidi stated. “We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them.” This statement was made as a response to the question presented by Member of Parliament (MP) for Ledang, Syed Ibrahim Syed Noh, who questioned the government’s stance on non-fungible tokens (NFTs) with the burgeoning influx of traders in the asset class in Malaysia. “We hope the government can and try to ‘legalize’ (legally) this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on,” Zahidi explained. The deputy continued to say, “All this is under Bank Negara Malaysia and the Securities Commission Malaysia,” per a translated report
Goldman Sachs Partners For First Bitcoin Options Trade
Goldman Sachs Group Inc lept into Bitcoin with their first over-the-counter, non-deliverable, options trade, which is a derivative of bitcoin that allows the purchaser of the option to profit in long or short-term price volatility of the underlying asset, as reported by Bloomberg. The trade was facilitated by Galaxy Digital, a cryptocurrency financial services firm specializing in institutional onboarding for crypto-based services, founded by former Goldman partner Michael Novogratz. “If you think of crypto today, part of the concern of the sector is most of the players in the sector are not players that are familiar to regulators and politicians,” says Damien Vanderwilt, co-President and Head of Global Markets at Galaxy Digital. “What helps is for regulators and government to see that firms like Goldman that they know and trust for decades are also going to be participants.” The chasm between Wall Street and bitcoin seemingly shrinks by the day as financial institutions like Goldman slowly adopt derivatives of the asset, inching ever-so-close to bitcoin itself. Regulatory concerns along with the burgeoning institutional interest have created a fruitful opportunity for firms like Galaxy Digital that allows for exposure in bitcoin while simultaneously escaping compliance hurdles, both for regulators and internal guidelines. “We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” Max Minton, Goldman’s Asia Pacific Head of Digital Assets, said in the reported release. “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”
“Patience is bitter, but its fruit is sweet.”
- Jean-Jacques Rousseau
Stay Safe & Stack Sats!
Bitcoin Adoption News by @CuredSausage
Community
This week’s issue is supported by Crypto Jobs List - the largest source of web3 jobs. There are hundreds of remote jobs that let your earn Bitcoin and other cryptocurrencies as a part of your marketingwriting or engineering job in this industry.
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