Daily Breakdown – June 14, 2021

Bullish Breakdown:

• Bitcoin price broke above $40,000 again for first time in over two weeks.

• Tanzanian President Samiah Suluhu Hassan has told the country's financial chiefs to prepare for crypto, declaring that the age of crypto and blockchain is dawning – “We have witnessed the emergence of a new journey through the internet."

• Billionaire investor Paul Tudor Jones said that he likes bitcoin as a portfolio diversifier and wants to allocate 5% of his assets into the cryptocurrency.

• MicroStrategy has completed yet another offering of senior secure notes, raising $500 million to buy more bitcoin. Why this is bullish: MicroStrategy already owns $3.8 billion in bitcoin (more than any other corporation in the world).

• Not new news, but still worth mentioning: El Salvador’s president, Nayib Bukele, recently announced that El Salvador is establishing Bitcoin as legal tender and is opening its arms to cryptocurrency companies in the coming months. During a parliamentary meeting last week, the vote passed with a supermajority.

• The Central American Bank for Economic Integration (CABEI), the largest multilateral development bank in Central America, will assist El Salvador in its endeavor to adopt Bitcoin, President Dante Mossi announced Monday.

• Bitcoin has rebounded over the weekend on the back of a tweet from Elon Musk saying that electric carmaker Tesla would resume its use of the cryptocurrency once it had proved its green credentials.

• Texas banks can now store crypto assets for clients, the state's banking regulator has announced.

• Goldman Sachs plans to expand its client-facing crypto offerings with ether options and futures, according to a Monday report by Bloomberg.

Bearish Breakdown:

• The Dutch Bureau for Economic Analysis director has called for the Netherlands to ban Bitcoin immediately.

• South Korea is increasing regulatory oversight on exchanges through mandatory KYC verification and other licensing requirements.

• Thai regulators ban exchanges from trading meme tokens and NFTs.

• Crypto growing to a $1.6 trillion market without adequate regulations is a major worry for the head of Italy’s stock market oversight agency.

Lemme know if you guys like this format and if I should make more posts like this in the future. Long live the bulls!