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June 18, 2021

Major Crypto Headlines for 6/18/2021

Frank Cabibi

Shift in South America:

Bitcoin banners are seen outside of a small restaurant at El Zonte Beach in Chiltiupan, El Salvador June 8, 2021. REUTERS/Jose Cabezas

Recently, we have seen news about Venezuela and El Salvador (Latin America) and the potential cryptocurrency adoption since the monetary value of their money is virtually worthless. At first, El Salvador rejected the proposition, but recent news shows that they are now considering the implementation of bitcoin payments as salaries. Venezuelan usage of the coin ranks as number 3 in the world because of financial fallouts with their own money. This shift in Latin and South American crypto usage could be a good sign for bitcoin and crypto in general as the trend of mass adoption continues.

Net Positive Change in Bitcoin Investments:

Coindesk

For the first time since October 2020, investors have switched sentiment overall to bullishness on Bitcoin as the majority of long positions exceeds the shorts. This is also interesting because a technical scare hovers on the coin's chart. A potential death cross on the daily chart looks like the event will happen soon if the 50 DMA crosses under the 200 DMA. If this happens, it could spark lots of bearish sentiment in the market and possibly a continuation in the downtrend.

Goldman Sachs New Partnership:

Goldman Sachs has formed a partnership with Galaxy Digital and is trading bitcoin futures contracts at a higher rate than before. What makes this good news for bitcoin is that the more bitcoin trading in banks means lesser volatility in the market.

Dogecar:

Twitter

The Tennessee Lottery 250 this weekend is giving this meme coin some spotlight. 23-year-old Stefan Parsons is going to be driving the infamous "Dogecar" in the race this Saturday which is good publicity for dogecoin, however, brokers have not set odds for him in the race so you cannot bet on the Dogecar to win.

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