On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The Crypto Fear and Greed index shows that the cryptocurrency market sentiment has just shifted from “Extreme Greed” to “Fear.”
With the Bitcoin (BTC) price dipping below a $29,000 threshold, the investor mood is worsening and the Crypto Fear and Greed index has plunged to October 2020 levels.
On Jan. 22, the Crypto Fear and Greed index sharply dropped to a value of 40, moving the market sentiment from “Extreme Greed” to “Fear.” The index dropped to this low for the first time since Oct. 3, 2020, when Bitcoin was trading at around $10,500.
Similar to the fear and greed indexes in the traditional markets, the Crypto Fear and Greed index is a tool that measures two of the primary emotions that influence how much investors are willing to buy crypto like Bitcoin.
According to Alternative.me, the extreme fear level can be a sign that investors are too worried, which could mean a good buying opportunity. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.
Indeed, prior to dropping to 40, the Crypto Fear and Greed Index topped at 95 on Jan. 6, demonstrating that investors turned very greedy amid Bitcoin hitting its all-time highs of $42,000 on Jan. 8. The Bitcoin price subsequently saw a major correction, dipping to as low as $28,750 on Jan. 21.
As Bitcoin has been suffering a sharp correction in recent days, more people in the industry have been commenting on the price moves. On Jan. 21, Scott Minerd, chief investment officer at financial services firm Guggenheim, predicted that Bitcoin is poised to drop to $20,000. The exec still believes that Bitcoin will hit $400,000 in the long-term, but not this year.
Mike Novogratz, the founder of Galaxy Digital, is confident that Bitcoin will rally again. He tweeted on Jan. 21, “Humans aren’t meant to live in 150% vol environments. That was the tell. When vol recedes will we bottom, base and resume the rally.”
At publishing time, the Bitcoin price has slightly rebounded at around $31,000. The world’s largest cryptocurrency is down more than 10% over the past 24 hours but is still up about 30% over the past 30 days, according to Cointelegraph’s Bitcoin price index.
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