Bitcoin was subject of interest for two major countries in the previous week. A new draft law was initiated in Germany with an aim to allow banks to support the sale and custody of Bitcoin and other cryptocurrencies by end of next year.
In order for the law to be adopted and promulgated, it first requires consensus from the country’s 16 states after it was endorsed in the Germany Federal Parliament - Bundestag.
It has also been reported that the Association of German Banks has officially endorsed the law. The Association reportedly sees a new bill as a major step towards the regulation of the cryptocurrency ecosystem, as the “supervised financial institutions have the experience and risk mechanisms in place to safeguard client assets”.
From the technical perspective, Bitcoin has slightly recovered last week as it closed 7.3% higher. Exactly one week ago, Bitcoin made a fresh 6-month low of $6515. The price action, in the meantime, has managed to recover to $7870, however, it failed to close above the 100-WMA at $7443.
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