The First Crypto Bank in Germany
The startup Bitwala has received a banking license in Germany. This makes Bitwala the first crypto bank in Europe. As a bank Bitwala will handle deposits of both fiat (EUR) and crypto deposits of their customers. This enables customers to pay rent, purchases in crypto. Bitwala also offers to exchange Euro for BTC. However, the fee is 1% to do so. Bitwala announced that 40,000 users already pre-registered to open an account. According to Bitwala’s management, the bank will process new applicants immediately.
Technical Analysis – Strong Indicators for a Bottom
We have almost reached The 200 Weekly MA on the Daily Chart in Bitcoin. It is a level that is frequently tested in the stock markets as well as in Bitcoin. It serves as a major resistance and is tested every now and then. Usually, it stops sell pressure and holds out. If it successfully holds it can serve as the starting point of a new rally. We have come very close to this level and the market has already reversed a bit from there on. The last few days. The question is now whether Bitcoin will continue to drop or if a bottom has formed – at least temporarily.
Comprehensive Report on ‘The State of Bitcoin’
The investment research company Delphi Digital that specializes in cryptocurrencies has released its report on Bitcoin. The document “The State of Bitcoin” is 59 pages long and provides an in-depth analysis of Bitcoin, its fundamentals and recent developments in the market. Traders and investors can take both long-term and short-term conclusions from the report. A takeaway from the report is that Delphi still expects selling pressure to continue for now. But that the falling price of Bitcoin will bottom out in Q1 2019.
Iran Attracts Miners Due to Bear Market and Super Cheap Energy
The regulatory crackdown on crypto miners in Norway, some US communities and in Ukraine led to miners looking out for new operation sites. Iran has comparably super low energy prices. The average price per kw/h is $0.006. For comparison, it is $0.08 in China, $0.12 in the US and $0.30 in Germany. However, it is difficult to import mining hardware into the country as the Islamic Revolutionary Guard Corps controls imports in the country and seemingly decide arbitrary whether goods can pass or not. Another complication is that the US sanctions do not only hit Iranian companies with sanctions but also non-Iranian companies that do business with Iran. Still, the industry is looking to enter Iran.
Dutch Central Bank Wants to Licence the Industry to Fight Money Laundering
The Dutch Central bank wants to deal out official licenses to crypto companies and exchanges. However, the new approach to the crypto sector is not a step towards an innovative industry. On the contrary, the Dutch Central Bank wants to prevent money laundering. Entities need to comply with AML/CFTC regulation in order to obtain a license. Reportedly, further regulations encompass that crypto companies report “unusual transactions”.