Thailand approves 1st ever Spot Bitcoin ETF 📈

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Slightly Bullish 📈 

• Bitcoin held it’s crucial support at $67,200 so far. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• A break of this key level will shift the bias to slightly bearish.

• There are multiple wicks as resistance for BTC as it is now aiming for new all-time-highs. There is no particular price point to pin-point for a rejection.

• 6. BTC dominance is rejected at 54.7%. If we do not re-claim 54.7% today, then we can go down to 54.05%, which will be very good for alts since BTC has already risen in price.

• Overall, BTC looks strong and poised to break ATH soon. We have great ETF inflows, neutral funding rates, ETH ETF approvals, ETF approvals in Australia & Thailand for BTC, liquidation map more or less neutral, and a lot of leverage flushed out of the market during the 3 month consolidation phase.

Thailand approves its 1st Spot Bitcoin ETF ❗️ 

Just day after Australia's first Spot Bitcoin ETF launched, Thailand has approved its own Spot Bitcoin ETF.

The Thai SEC has given the green light to One Asset Management (ONEAM) to introduce the ETF, allowing exclusively wealthy and institutional investors to gain exposure to Bitcoin.

To ensure liquidity and security, ONEAM will invest in 11 major global Bitcoin funds.

SEC secretary-general Pornanong Budsaratragoon has advised investors to limit Bitcoin exposure to 5% of a portfolio, aiming for a return of 8.90% per year.

Deutsche Bank X Crypto ❗️ 

Bitpanda, an Austrian crypto exchange, has partnered with Deutsche Bank to provide banking services for users in Germany.

The collaboration will allow Bitpanda to access German IBANs for processing fiat transactions. This means that deposits or withdrawals of fiat currencies from Bitpanda will go through Germany's largest bank.

Bitpanda was founded in 2014 & has 4 million users, offering products such as fractional stocks, cryptocurrencies and precious metals.

Deutsche Bank is cautious about crypto partnerships and only works with regulated companies.

📕 Educational

🚨Key events to look out for in June 2024.

Source : Soumen Datta

📊 Stats

📈 Chart of the day

• Rationale :

  1. All-time-high breakout.

  2. Strong volumes on 4H breakout

  3. All RSI's tagged green, indicating great momentum

  5. No other bearish divergences on 4H & 1H

  6. Meme season narrative is strong after roaring kitty is back with GME.

  7. BTC dominance rejected from 54.8% on an intraday basis.

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

More BTC Please 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!