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Bitcoin Fear and Green Index Newsletter. Block 33

Bitcoin Fear and Green Index Newsletter. Block 33
By Bitcoin Fear And Greed Index • Issue #33 • 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 On The Weekly - Hidden Bullish Divergence
Bitcoin On The Weekly - Hidden Bullish Divergence
This past week, we saw Bitcoin drop from the highs of ~$47,000 to the lows of ~$42,000. More importantly, Bitcoin bounced from those lows and is currently testing critical levels. In today’s newsletter, I will cover a rare occurrence that took place on the weekly chart, explaining the implications behind it.
Hidden Bullish Divergence - MFI & RSI:
The chart above illustrates Bitcoin’s price action, the MFI (Money Flow Index), and the RSI. The MFI is a volume-based RSI indicator that acts as a more powerful leading tool when looking for trend reversals. I go into more depth about the MFI in the previous newsletter.
The significant data of today’s newsletter revolves around the hidden bullish divergence that has formed on the weekly chart with both the MFI and RSI.
Why is this significant?
Looking at the chart above, we notice how Bitcoin had a regular bullish divergence with the MFI back in 2020. Note that there was no divergence whatsoever with RSI. This regular divergence launched an exceptionally powerful markup phase that led Bitcoin into the bull cycle of 2021. Now, taking in the fact that the aforementioned divergence was regular and only with the MFI, the current hidden bullish divergence with both the MFI and RSI signifies that a dominant markup phase for Bitcoin is potentially on the horizon.
Bearish & Bullish Divergences
Bearish & Bullish Divergences
The chart above shows Bitcoin forming a regular bearish divergence with the MFI and RSI back in 2021. The result, a 2-month+ markdown phase. This just goes to show the validity of these divergences for Bitcoin.
While regular divergences signify a change in the general trend, a hidden divergence indicates the end of a consolidation phase. In this case, the regular bearish divergence signified that the underlying bullish trend was likely going to enter a correction phase. However, the following hidden bullish divergence indicated that the consolidation phase that post-ceded the markdown is likely nearing its end, and that the overarching bullish trend of the cycle is going to continue. Following the formation of this bullish divergence, Bitcoin rallied 46% from the lows of $33,000 to the highs of $48,200. This move acted as the ultimate corroboration for the hidden bullish divergence.
The takeaway is to realize that Bitcoin is flashing bullish signs on the macro scale. No matter the short-term fluctuations in price, my conviction stands on the side of Bitcoin being bullish over the next several months.
With that said, have a bullish week, until we meet again.
TA review by @CryptoSultan21
Bitcoin Adoption News This Week
This Week In Bitcoin Adoption
TL;DR
  • Intel Launches New Bitcoin Mining Chip, Blockscale
  • Bitcoin Payment Processor BitPay Announces Support For Lightning Payments
  • Tennessee Titans Become First NFL Team To Accept Bitcoin
  • Cash App Announces New Lightning Integration
  • Samson Mow Announces Pro Bitcoin Legislation In Three Countries
  • Robinhood Enabling On-Chain And Lightning Withdrawals For Bitcoin
  • Strike Integrating With World’s Largest PoS Providers To Enable Sovereign Payments With Bitcoin
Intel Launches New Bitcoin Mining Chip, Blockscale
Intel today announced details for its new bitcoin mining chip, the Intel Blockscale ASIC, which seeks to increase the energy efficiency of Proof-of-Work (PoW) mining through the company’s decades of research and development in related areas, as per a press release sent to Bitcoin Magazine. “The Intel Blockscale ASIC is going to play a major role in helping bitcoin mining companies achieve both sustainability and hash rate scaling objectives in the years ahead,” said Jose Rios, general manager of Blockchain and Business Solutions in the Accelerated Computing Systems and Graphics Group at Intel. Intel will provide its customers with only the ASIC chip itself, instead of delivering a complete ASIC mining system as is currently common in the industry. Each Blockscale ASIC chip will deliver up to 580 gigahashes per second (GH/s) of hash rate with up to 26 joules per terahash (J/TH) of power efficiency and support up to 256 integrated circuits per chain, in addition to featuring on-chip temperature– and voltage–sensing capabilities. Therefore, a mining system consisting of 256 Intel Blockscale ASIC chips would supposedly output roughly 148 TH/s and consume about 3,860 watts (W) of power. The flagship air-cooled mining system of the current global market leader, Bitmain, outputs 140 TH/s with an energy consumption of 3010 W, resulting in 21.5 J/TH of power efficiency. The bitcoin mining industry suffers from insufficient ASIC supply due to the current global chip shortage. More than competing head-to-head with current market leaders and seeking to provide a more energy-efficient offering, Intel will arguably add value to the industry in the short to medium term by increasing the availability of miners. As constraints are reduced, long-term competition will then move towards performance and cost of ownership. Intel’s shipments will also include a reference hardware design and software stack to jump-start customers’ system development.
Bitcoin Payment Processor BitPay Announces Support For Lightning Payments
Bitcoin payments service BitPay has announced immediate support for the Lightning Network through its payment processing platform, allowing merchants that leverage this platform to receive payments from Lightning wallets and enabling more cost-effective, cheaper bitcoin transactions through the Layer 2 protocol. “BitPay merchants can now receive payments from Lightning-enabled wallets like Cash App and Strike,” per a press release shared with Bitcoin Magazine. “Consumers now have a low-cost alternative when paying with bitcoin at a BitPay-enabled merchant.” Serving as a bitcoin payment processor for merchants since 2011, BitPay is one of the oldest companies in the cryptocurrency space. With this support enabled, shoppers can checkout via Lightning with a wide array of merchants that accept bitcoin payments through BitPay, spanning hundreds of millions of people across more than 200 countries worldwide. “PacSun is excited to be one of the first BitPay partners to accept bitcoin payments using the Lightning Network,” said Michael Relich, the co-CEO of the retail clothing brand, according to the release. “The Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of bitcoin to shop online.”
Tennessee Titans Become First NFL Team To Accept Bitcoin
The Tennessee Titans today announced they are now the first NFL team accepting bitcoin for key investments through a third-party conversion service. The establishment of this partnership allows fans to offer bitcoin in payment for season tickets, suites, PSLs, and sponsorship opportunities with the Titans and Nissan Stadium events. Season tickets, suits, PSLs, and sponsorship opportunities will be available for fans to purchase with bitcoin at the Titans and Nissan stadium events. Initially, the Titans will only allow bitcoin for larger purchases and recurring payments, but the team hopes to open up the initiative to allow the purchase of single tickets, merchandise, and at-game food and beverage sales. Bitcoin Magazine and UTXO Management, a Nashville-based digital assets fund, offered close advice through a partnership with the Titans to bring this functionality to the team. “We’re proud to partner with the Tennessee Titans as they start their Bitcoin journey and offer fans a new way to pay,” said David Bailey, CEO of BTC Inc and partner at UTXO Management. “2022 is a special year as we continue to work with professional sports teams to help educate and further mass adoption of Bitcoin. The Titans are a top NFL franchise and a natural fit for this partnership.” Joining the ranks of MLB’s Oakland Athletics and the NBA’s Sacramento Kings and Dallas Mavericks, the Titans will be the first NFL team to accept bitcoin.
Cash App Announces New Lightning Integration
Mobile payments service Cash App has announced several free features to let users seamlessly convert paychecks into bitcoin, round off their debit and credit card payments into bitcoin, and receive payments through the Lightning Network. Cash App, which is operated by Jack Dorsey’s Block, Inc., is one of the world’s most popular payments apps and has allowed users to easily buy, sell and withdraw bitcoin since 2018. It reported $1.96 billion in bitcoin revenue in the fourth quarter of 2021 and Suter reemphasized the company’s commitment to the Bitcoin ecosystem as he announced the new services on stage at Bitcoin 2022. “We believe that bitcoin is the world’s best digital, sound money period,” Suter said. “We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.” Cash App announced the integration of Lightning Network payments for users in February, but will now let users receive Lightning Network transactions as well. “To make Bitcoin even more universally accessible, we’re announcing Lightning receives,” said Suter. "In the coming months, you’ll be able to receive bitcoin over the Lightning Network with no block confirmations needed.” In addition to the Lightning Network transaction reception integration, Suter announced that Cash App will be introducing single QR codes for both on-chain and Lightning Network transactions, reducing the need for users to distinguish which rail they are making transactions through. Suter framed the paycheck-to-bitcoin conversion feature as a way to more easily allocate regular earnings into inflation-resistant BTC. Finally, the ability to round off card payments into bitcoin could serve as a powerful sats-stacking strategy for those seeking regular, dollar-cost-averaged allocations to bitcoin. Cash App offers integration with most existing credit and debit cards and offers a Cash Card that users can leverage to pay for things from their Cash App balances. The rounding-off feature will be available for Cash Card users.
Samson Mow Announces Pro Bitcoin Legislation In Three Countries
Samson Mow, the former chief strategy officer of Blockstream who stepped down in March to focus on “nation-state Bitcoin adoption,” brought legislators from around the world on stage at Bitcoin 2022 to highlight regulatory progress being made to encourage nation-state Bitcoin adoption. Joel Bomgar, the president of Próspera, an “economic development hub” located in Honduras, described favorable tax regulations being established there; Miguel Filipe Machado de Albuquerque, the president of Portugal’s Madeira region announced that bitcoin investors will pay no personal income taxes there; and Indira Kempis, a senator in Mexico, announced that she plans to propose regulation there to recognize bitcoin as legal tender. “I think now is the pivotal time in human history and we need to move things forward fast. What we need is more nation-state bitcoin adoption,” Mow said. “Every country, every jurisdiction, will have a unique path to bitcoin adoption. Legal tender is one way, another way is de facto legal tender.” Mow served as the chief architect of a “volcano bitcoin bond” introduced by El Salvador that would see the county issue $1 billion in bonds on Blockstream’s Liquid Bitcoin sidechain then split the proceeds between a $500 million allocation to BTC and investment in energy and bitcoin mining infrastructure. He announced that he’s formed a new company, called Jan 3 about the launch of the Bitcoin network, to focus on nation-state Bitcoin adoption. Mow added that the company has raised $21 million at a $100 million innovation. Mow then invited the series of legislators to join him on stage. “I believe in the future and I believe in Bitcoin,” said President Machado de Albuquerque. ”Individuals in Madeira that buy and sell bitcoin … don’t pay taxes. They’re not subject to personal income taxes. Through financial inclusion and financial education, the Mexican people can have a better quality of life,” Kempis said once she took the stage. “In two months, we [will] propose legislation to modify regulations in fintech and money title law… We have a message for our president: We are looking forward to sitting down and getting coffee with you to talk about this plan, Bitcoin as legal tender in Mexico.”
Robinhood Enabling On-Chain And Lightning Withdrawals For Bitcoin
Robinhood announced the addition of cryptocurrency investments to its platform in January 2018. But, much to the chagrin of Bitcoiners, the app didn’t include the option to withdraw assets from the platform. Robinhood announced an alpha version of its proprietary cryptocurrency wallet in September 2021 and the beta version on January 3, 2022 (otherwise known as “Proof Of Keys Day”). With one million users signing up in less than 30 days to access the wallet, it’s clear that Robinhood customers want access to the private keys corresponding to the cryptocurrency they purchase through the platform. Robinhood’s chief product officer, Aparna Chennapragad, took the stage at Bitcoin 2022 to elaborate on how the company is responding to that demand. First underscoring the growth that bitcoin is seeing at the moment, she noted, “More than 50% of our customers are new investors.” One-third of Robinhood’s customers are women and the group of customers is extremely diverse. Chennapragad believes, “It’s important to have safe and secure access to bitcoin.“ According to the slide deck, “Bitcoin is the number-one recurring buy asset for 2022” for Robinhood. And, critically, Chennapragad announced that more than two million people on the Robinhood waitlist can now send and receive bitcoin to and from the app as Robinhood unveiled withdrawals and deposits at Bitcoin 2022. Additionally, Chennapragad announced Robinhood’s intention to bring Lightning Network to the platform in the near future. Its reasons for doing so include the fast transactions, low-fee transfers, and lower carbon footprint that Lightning payments enable.
Strike Integrating With World’s Largest PoS Providers To Enable Sovereign Payments With Bitcoin
Strike CEO Jack Mallers announced at Bitcoin 2022 that the company has partnered with three of the world’s largest payments providers, Shopify, NCR, and Blackhawk Network to enable bitcoin payments at stores throughout the country. He explained that the integration eliminates legacy banks from the payments process, saving merchants on fees and enabling privacy for shoppers. “You’re gonna be able to walk into a grocery store, to Whole Foods, to a Chipotle, if you want to use a Lightning node over Tor, you do that,” Mallers said on stage at Bitcoin 2022. “Any online merchant that uses Shopify can accept payments without the 1949 boomer [credit card] network, receive it instantly, cash final, no intermediary, no 3% fee.” The announcement is a major innovation in merchants’ ability to interact with the Bitcoin network and in users’ ability to privately and permissionless make purchases throughout the U.S. Now, they will be able to take advantage of the cheap, instant, and open access offered by Bitcoin. An image shared by Mallers as part of the presentation listed McDonald’s, Walmart, Walgreens, and more U.S. franchises as places where the Strike integration will be useable. Mallers also emphasized that he is dedicated to protecting Bitcoin innovation in the United States, reporting, “I’ve been working with Senator Cynthia Lummis to make sure that in the United States of America we support this open payment standard and it isn’t threatened by anybody else.” Since last years’ El Salvador announcement, the industry has been looking to Mallers as a leader in global adoption and development of nation-state Bitcoin usage. The announcements today only added to the company’s reputation of increasing access to the Bitcoin network. Mallers finished the presentation by saying, “This is our announcement,” referring to the larger Bitcoin community.
In order to carry a positive action, we must develop here a positive vision.“ - Dalai Lama on Bitcoin
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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