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Traditional finance and cryptocurrencies have finally found a connection. As per recent reports, starting 2020, it might be legal for German banks to sell cryptocurrencies like Bitcoin and Ethereum and also provide custody solutions. 

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Bill Awaits Consensus of 16 States

In the present scenario, German financial institutions are not allowed to sell crypto assets to their clients. However, as per the 4th EU Money Laundering Directive, things could change in the coming future. The bill has been passed by Germany’s federal parliament (Bundestag) and is awaiting the consensus of 16 states. 

While the bill is titled around money laundering, it has proposed allowing regulated banking institutions to provide crypto-related services without the help of third-party custodians. 

Sven Hildebrandt, head of consulting firm Distributed Ledger Consulting (DLC), said:

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Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of cryptocurrency.

If the proposal sees greenlight, German citizens will soon be able to hold Bitcoin, Ethereum and other digital currencies directly in banks. Soon, Banks will also be able to provide online banking solutions for a whole range of assets, like stocks, bonds, and cryptocurrencies. Thus, making crypto holders access their funds at the tap of a button. 

The Association of German Banks (BdB) has also welcomed the legislation. They have further put forth an argument that lenders are experienced when it comes to storing client assets and risk management. The new law will help curb crypto-related money laundering and allow German investors to enter the crypto space with domestic funds.

Consumer Center of Baden-Wuerttemberg Expresses Displeasure

While the news was welcomed by the German Banks Association, the consumer center of Baden-Wuerttemberg believes that banks will engage in more aggressive sales with the new products. On the other hand, financial expert Niels Nauhauser believes that banks are now targeting new customers using all measures, and they may possibly fail at educating clients on potential risks of crypto investments. Also, financial commentator Fabio De Masi warned the financial consumer protection of customers is at risk. 

Rising Crypto Adoption

A few days back, as reported by Coingape, Switzerland, is gearing to develop yet another crypto hub. If the new partnership between crypto valley Zug’s crypto lobbyists and Zurich’s tourism Czars is executed, the valley could soon witness a northward expansion.

Also, Lesotho, a nation in the South African sub-continent has recently signed a memorandum of understanding (MOU) with the Apollo Foundation for creating a multi-functional cryptocurrency.

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Crypto Adoption: German Banks To Soon Provide Crypto Services

Article Name

Crypto Adoption: German Banks To Soon Provide Crypto Services

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Traditional finance and cryptocurrencies have finally found a connection. As per recent reports, starting 2020, it might be legal for German banks to sell cryptocurrencies like Bitcoin and Ethereum and also provide custody solutions. 

Author

Supriya Saxena

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-29 12:34:57 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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