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The German banks are considering becoming bitcoin custodians

FXcoins - The German banks are considering becoming bitcoin custodians

Federal financial Supervisory authority of Germany (BaFin) has provided interesting data which indicated that about 40 German banks are interested in obtaining a license for cryptocurrency services. From 1 January 2020, the German government has updated the Law “On combating money laundering”, the essence of the law consists in obtaining special license banks, which allows us to provide clients with the services of online banking including transactions with shares, bonds and cryptocurrencies.

 

For those companies who have long engaged in the cryptocurrency, it all started back in late August 2019, and will continue this process until November 2020. To obtain a license, banks have to notify BaFin by the end of March this year. The first license, said Berlin SolarisBank registered subsidiary Solaris Digital Assets, which provides the crypto custodian services. Michael Offermann, who is head of the Department of crypto-banking in SolarisBank says that digital assets are revolutionising the market - “as soon as it will be easier to buy and store bitcoins and other crypto currencies, we expect significant growth.”

 

In addition, the German market interested in the American company BitGo, which is one of the largest providers of custodial services the cryptocurrency.

 

Today, February 11, 2020, the price of Bitcoin falls. According on 09:40 GMT Bitcoin is trading at 9752,74 USD showing the decline in the growth of -2.3 per cent. At the same time, the fall in prices is observed in the Ether, whose price is USD 219,28, and shows a decline of -2.3 per cent, XRP fell by 2.71% to 0,269 USD.

 

Analysts at FxPro indicate: “Bitcoin loses for the last day of 2.5% and is trading at $9750. Index of greed and fear of bitcoin fell to a "neutral" level at 52. The relative strength index RSI, since exceeding 9 Feb $10 000 showed a sharp decline from the top down from the overbought zone, confirming the technical basis underlying the current price dynamics. The index of dominance of bitcoin continues to drop slightly to 63.4%. What is happening now is neither bad nor good news. On the one hand, the sale could be much stronger, while we see that the support for bitcoin is at each stage of reduction. On the other hand, if the process is slow and painful decline is delayed too long, will trigger these stop-valves where the support levels begin to break is a completely different intensity. While the situation for bitcoin and other cryptocurrencies seems to be a kind of consolidation after a rather sharp rise. If the market is allowed to settle for about employment levels, we can still see new growth, after the past month, the aggregate capitalization of the stock market still showing growth of 64 billion dollars.”

11 February 2020

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