As I have been warning for the past few days BTC has been throwing up bearish flags everywhere.
We are straight down to first support - which is quite a strong one of the 200 DEMA although I think a small bounce here and the US online will sell and push down quite steeply. It should be an interesting weekend.
If we lose this support at 38.5k then next stop imo is 36.3k.
Benefits here are that we needed a correction after a heavy pump - and it is setting up nicely for an ultra bullish August. When ETH London Hardfork & German Institutions come online.
My play is to target 36.8k from here and then see if it holds - if not then look to 34k. In the same breath start accumulating/DCA'ing BTC on the way down now as the come back pump is gonna be REAL!!!!
2. Investments in crypto-assets
Investments in crypto assets are already possible
for funds that are general open-ended and
closed-ended special AIFs. The new German Fund
Location Act expands investment in crypto-assets
for one type of fund that is very popular with
German institutional investors: as of 2 August
2021, open-ended special AIFs with fixed
investment conditions (sec. 284(3) KAGB) will
also be permitted to invest up to 20 per cent of
fund assets in crypto-assets. In Germany, the
assets of open-ended special AIFs amount to
more than EUR 1,843.1 billion, which highlights
the potential for crypto-assets. Such investments
can take very different forms, including tokenbased bearer bonds and rights to real estate or
virtual currencies such as Bitcoin, Ethereum,
XRP.
The expansion of the catalogue of eligible assets
for such special AIFs will likely encourage market
participants such as fund managers and
custodians to more quickly develop expertise and
contribute to an innovative ecosystem for
decentralised financial services (DeFi). For
investor protection reasons, however, the direct
acquisition of crypto assets for retail funds is not
currently permitted by law.
jeremiahjones
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@Kryptochristian, ok I looked into it and read the official paper of the law. A lot of the changes of the current law came into effect on 1st July but the 20 per cent investment clause is part of article 1 which comes into effect on 1st August. So you are right. It seems that many of the news outlets that reported this already last month did not do their research right.
Kryptochristian
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@jeremiahjones, It's always the case with a lot of crypto news tbh - any announcement takes off like wild fire. Look at the recent USDT FUD from Bloomberg - now that was repackaging old news. Really dreadful manipulation.