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German Law Allowing $415B Investment into Crypto Takes Effect

Bingbon Chart

Source: Tradingview

As shown in the 4-hour chart, while Bitcoin stepped back on the 4-hour MA30, it failed to stabilize and subsequently declined. If Bitcoin can’t find support here, it will have to go down the downward channel and find new support. BTC will be extremely volatile if the Bitcoin market does not show trending changes such as heavy volume breakthroughs or drops. Since Bitcoin has been consolidating for a long time in the $31,000 to $36,000 range, Bitcoin must break through with heavy volume to establish a new trend. If Bitcoin can break through again, it will challenge the previous high of $36,000. A heavy drop will send Bitcoin back to the bottom position of $31,000. It should be noted that the bears’ repeated tests to push Bitcoin to $30,000 will continue to consume the bulls’ fuel. If BTC returns to this position again, the probability of its decline will be much higher.

Today’s Headlines

According to CoinDesk, a new law Fund Location Act in Germany could theoretically prompt up to $415 billion to flow into crypto takes effect Thursday. Germany’s Fund Location Act, introduced in April and received approval from parliament shortly thereafter, permits “Spezialfonds” to invest as much as 20% of their portfolios in crypto. According to Sven Hildebrandt, CEO of Distributed Ledger Consulting, “ should every Spezialfond choose to allocate the full 20% in crypto, that would equate to €350 billion ($415 billion), based on the total assets under management of such funds in Germany.”