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Bitcoin Fear and Green Index Newsletter. Block 35

Bitcoin Fear and Green Index Newsletter. Block 35
By Bitcoin Fear And Greed Index • Issue #35 • 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 - Volatility
Bitcoin - Volatility
This past week, Bitcoin dumped to its critical range of support at $37,700 and is currently testing support and resistance around that price level. In today’s newsletter, I will analyze the data given from the daily chart and discuss the implications behind the data.
Imminent Volatility:
The chart above illustrates 2 main indications of volatility. First, is the Bollinger Band tight squeeze taking form on the daily chart. Second, is the Bollinger Bandwidth drawing record lows only seen once in nearly 2 years.
What does this all mean?
Essentially, the tight squeeze taking form on the daily chart indicates that volatility has been considerably low over a specific period of time. The bandwidth being at record lows further corroborates just how diminished the volatility has been. These recorded levels are not standard; once such extremes are met, it essentially tells us that the volatility is being coiled or suppressed to a point that makes a spring back to the mean inevitable. This spring typically takes the volatility above the mean first, before sending it back to its average. The result, a spike in volatility illustrated by a dramatic drop or rise in price.
Bitcoin - Price Action & Volume
Bitcoin - Price Action & Volume
Volatility - Direction:
While spotting a tight squeeze is definitely useful, knowing which direction the volatility will take is where most traders struggle.
If we look at the first 3 months of 2022, we’ll notice that every major drop in price that was followed by a rally had a significant buildup of volume behind it, supporting the subsequent bumps in price. The recent drop and recovery from $37,700 to $39,700 had very negligible volume behind it, leading me to doubt the validity of the move itself.
Whenever the volume is at low levels as seen in the past few weeks, market makers take control of the price and attempt to seduce traders into taking trades in the wrong direction. Considering the large amount of overleveraged bulls with liquidation stops worth thousands of BTC between the $36,000-$37,000 range, I’m expecting the market makers to find their liquidity around that range. Note that it’s highly possible for Bitcoin break above $40,000 briefly before the capitulation fully materializes as there’s a considerable amount of short positions with liquidation stops around that level. I’m also expecting a more extreme short-squeeze to form right after the capitulation wave and into the next leg up.
Even though we might see the market capitulate, it doesn’t change the fact that Bitcoin is still maintaining a 3-month uptrend and showing virtually no signs of weakness when considering the macroenvironmental uncertainties. I still see a bullish continuation materializing and taking Bitcoin beyond its all-time-high in 2022.
With that said, have a bullish weekend, until we meet again.
TA review by @CryptoSultan21
Bitcoin Adoption News This Week
TL;DR
  • SFLMaven To Accept Bitcoin As Payment
  • Mexican Football Club Tigres Now Accepts Bitcoin For Tickets
  • Morgan Stanley Says Bitcoin Is Close To Being A World Currency
  • Bitcoin Core 23.0 Released
  • Fidelity To Allow Bitcoin Investments In Retirement Plans
  • Human Rights Foundation Grants 5 BTC To Bitcoin Projects
  • Texas Becomes First Government In The U.S To Mine Bitcoin
  • The Central African Republic Adopts Bitcoin As Legal Tender
  • Dubai Real Estate Giant To Accept Bitcoin As Payment
  • Panama Assembly Passes Bill Regulating Bitcoin
SFLMaven To Accept Bitcoin As Payment
SFLMaven, a premier provider of luxury goods, will begin accepting bitcoin as payment for product purchases and intends to strengthen its reserves with BTC, according to a press release. The press release states that SFL Maven has already begun the process of diversifying into bitcoin as a line item on its balance sheet. “We believe in the future of Bitcoin and digital payment systems and that fiat currency systems represent a risk to the productivity of assets on the balance sheet because they are subject to monetary expansion, stimulus, and debt, which could continue to drag down value,” said Joseph Ladin, CEO of SFLMaven. The company’s diversification strategy is being implemented, but the process of allowing purchases through bitcoin is still being worked out. Ladin explains the company’s hopes of allowing these purchases while commenting on their intention to continue allocation into BTC. “As such, we have begun to diversify the Company’s exposure on the cash side with periodic investments in Bitcoin,” Ladin said. “We will also augment this step by transitioning to allow purchases in BTC as we continually work to widen our access to viable end-market customers interested in our unique products.” SFLMaven has experienced unprecedented increases in cash flow throughout 2022, per the release. The company has also seen a slight change in its consumer base as it took notice of more tech-savvy customers looking for a different experience, which ultimately led the company to seek the integration of alternative forms of payment.
Mexican Football Club Tigres Now Accepts Bitcoin For Tickets
Mexican football club Tigres is now accepting bitcoin as payment for match tickets, the team said in a statement Wednesday. Tigres supporters will already be able to use cryptocurrencies to purchase tickets for the club’s next match against America on April 23 through a partnership established between Latin American cryptocurrency exchange Bitso and online Mexican ticketing platform Boletomovil. Bitcoin payments company BitPay is also joining the collaboration to make the integration happen. “Our commitment is to make cryptocurrencies useful for everyone,” said Daniel Vogel, Bitso co-founder, and CEO, in a statement. “We love this agreement between Bitso and Boletomovil which will allow the day-to-day usage of cryptocurrencies for our clients in Tigres’ sports events, thus extending its usage as a payment method for any type of event.” The acceptance of Bitcoin payments marks another step in the partnership between the Mexican football team and the cryptocurrency exchange. Bitso became a Tigres sponsor in November. At the time, the duo said they would explore new opportunities for the club as it sought to integrate more facets of the burgeoning industry into its operations. The exchange is also a sponsor of Mexico’s national football team.
Morgan Stanley Says Bitcoin Is Close To Being A Currency
Morgan Stanley, one of the largest global banks in the world, recently stated that bitcoin has reached an important milestone to be more widely used as a currency, according to a report from CoinDesk. The report states that Strike, a fintech payment processor for the Bitcoin Lightning Network, integrating with BlackHawk Network, the largest payment processor in the world, paves the way for bitcoin to cement itself as a medium of exchange. Morgan Stanley reportedly said that the “evolution of bitcoin usage as a medium of payment” will be fueled by the ability of consumers to choose to pay with BTC through Lightning in physical locations, rather than only being able to use the peer-to-peer (P2P) currency online. The banking giant further explained that sending small payments is more practical with Lightning than with debit cards as the Bitcoin second-layer network can route transactions while charging almost no fees. Low transaction fees and open accessibility make adoption easier for merchants, which Morgan Stanley thinks will lessen the burden of volatility as the continued acceptance of bitcoin or other cryptocurrencies as a means of payment might lead to a fall in their volatility, according to the report. Strike CEO Jack Mallers announced the company’s integration with BlackHawk at the Bitcoin 2022 conference in a riveting presentation of monetary history and its lack of innovation over the last few decades. One interesting component of this integration is that Strike leverages Bitcoin, the network, to allow merchants to never touch bitcoin, the asset, as a means of payment. As a result, the consumer can spend their BTC while the merchant receives dollars with nearly zero-fee deductions and at the same time doesn’t need to worry about additional accounting requirements.
Bitcoin Core 23.0 Released
A new version of the original Bitcoin software client launched by Satoshi Nakamoto has been released today. Bitcoin Core 23.0 was worked on by 132 developers over about seven months to bring tangible improvements to Bitcoin Core’s wallet, peer-to-peer communication and network, fee estimation, and much more. This article by Bitcoin Magazine explores some of the main changes.
Fidelity To Allow Bitcoin Investments In Retirement Plans
Fidelity Investments will allow investors to allocate part of their 401(k)s into bitcoin later this year, The Wall Street Journal first reported. Fidelity, which manages employee benefit programs for nearly 23,000 businesses, is set to become the first major retirement-plan provider to allow bitcoin exposure in retirement accounts. The company has $2.7 trillion in assets under management in its retirement services division alone. The investment giant will bring the new option to its clients through its new workplace digital assets account (DAA) launched on Tuesday, according to a press release. “There is a need for a diverse set of products and investment solutions for our investors,” Dave Gray, Fidelity’s head of workplace retirement offerings and platforms, told WSJ. “We fully expect that cryptocurrency is going to shape the way future generations think about investing for the near term and long term.” The plan is to let investors allocate up to 20% of their retirement accounts to bitcoin, however, plan sponsors could end up lowering that threshold at their discretion. Gray told WSJ the offering would be limited to bitcoin and not contemplate other cryptocurrencies from the start.
Human Rights Foundation Grants 5 BTC To Bitcoin Projects
The Human Rights Foundation (HRF) will award a total of 5 BTC in the latest round of gifts from its Bitcoin Development Fund. Over the past two years, HRF has allocated more than $1.2 million worth of grants to over 30 developers and educators around the world. Proposals for support can be submitted over email, while gifts can be made at their website. The Q2 2022 round focuses on Bitcoin-related projects in software and community development, design, translation, and censorship monitoring. Find out more here.
Fort Worth, Texas Becomes First City Government In The U.S To Mine Bitcoin
Fort Worth, Texas has officially become the first city government in the U.S. to mine bitcoin today. Three S9 bitcoin mining rigs will be deployed to run 24/7 in a closed environment on a private network operated by the Information Technology Solutions Department Data Center located at Fort Worth City Hall. The S9 bitcoin miners were donated by the bitcoin and blockchain advocacy group, Texas Blockchain Council. The donation has formally been accepted today. “With blockchain technology and cryptocurrency revolutionizing the financial landscape, we want to transform Fort Worth into a tech-friendly city,” said Mayor of Fort Worth, Mattie Parker. “Today, with the support and partnership of the Texas Blockchain Council, we’re stepping into that world on a small scale while sending a big message – Fort Worth is where the future begins,” Parker continued. The program starts with only the three machines so the city of Fort Worth can monitor performance, and energy requirements, and familiarize itself with the process of bitcoin mining over six months. Fort Worth estimates that the individual energy required to mine bitcoin from each of the mining rigs will be equal to that of a household vacuum cleaner, according to the release. This nominal energy usage is expected to be offset by the profits obtained from mining bitcoin.
The Central African Republic Adopts Bitcoin As Legal Tender
The Central African Republic (CAR) has adopted bitcoin as legal tender, the president’s office said on Wednesday. The move makes the African country the second nation in the world to officially adopt BTC as a lawful currency, enabling its citizens to use it in regular commerce as well as to pay taxes. CAR lawmakers unanimously approved a bill legalizing the use of cryptocurrencies in the country and making bitcoin and the CFA franc legal tender. President Faustin Archange Touadera then signed the measure into law, his chief of staff Obed Namsio said in a statement. The CAR “is the first country in Africa to adopt bitcoin as legal tender,” Namsio said. “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.” The statement was posted on the President’s Facebook account. AFP first reported the news early on Wednesday. The news contradicts a statement reportedly made by CAR Finance Minister Herve Ndoba on Tuesday stating that the legislation being passed did not mirror the Salvadoran foray into bitcoin adoption.
Dubai Real Estate Giant To Accept Bitcoin As Payment
Dubai, United Arab Emirates-based luxury real estate developer DAMAC Properties will soon begin accepting Bitcoin payments for the sale of property in the region, the company said in a Wednesday statement. “DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences,” said Ali Sajwani, general manager of operations at the company and lead of its digital transformation initiatives. “This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and the future of our industry.“ DAMAC is not the first real estate developer in the world to take Bitcoin payments. In November, Latin American property technology (proptech) market leader La Haus announced it would start accepting BTC as payment for homes on-chain and on Lightning through integration with Bitcoin payment processor OpenNode. La Haus sold its first property for bitcoin two months later as it bridged the purchase of an apartment in Mexico for 5.78 BTC. The company sold yet another property the following month, the first in Colombia, for bitcoin. DAMAC’s move showcases a regional determination for fostering a Bitcoin economy as the United Arab Emirates seeks to establish itself as a welcoming region for the development of cryptocurrency businesses.
Panama Assembly Passes Bill Regulating Bitcoin
Panama has unanimously approved overhaul legislation to regulate the Bitcoin and cryptocurrency markets in the country in a move that takes the burgeoning industry out of a current gray zone. The new legislation regulates the trading and use of cryptocurrencies, the issuance of digital value, tokenization of precious metals and other assets, payment systems, and dictates other provisions, the country’s Legislative Assembly tweeted on Thursday. “This bill seeks to convert Panama into a technology innovation hub in Latin America,” said Congressman Gabriel Silva in a Thursday interview after the approval of the bill. “This is a step forward that seeks to mobilize the economy and create jobs.” The bill seeks to provide regulatory clarity for the optional usage of cryptocurrencies as payment in Panama, Silva added. Moreover, the goal is to incentivize foreign companies to open offices in the Central American country as well as to foster local entrepreneurship in the cryptocurrency services business.
"For every complex problem there is an answer that is clear, simple, and wrong.” - H. L. Mencken on Bitcoin.
Stay Safe & Stack Sats!
Bitcoin Adoption News by @CuredSausage
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