Bitcoin continues to display resilience by holding steady above $26,000, even as it approaches a technical ‘death cross.’ This situation occurs when the token’s 50-day simple moving average crosses below its 200-day simple moving average, with current levels at $27,444 and $27,670, respectively. Moreover, the 100-day moving average, at $28,292, delineates the upper boundary of this range. While this pattern typically signals a bearish trend, Bitcoin has historically rallied into its death crosses, making the current price action less surprising.

US CPI Report Sends Mixed Signals

The U.S. Consumer Price Index (CPI) released on Wednesday showed an acceleration in inflation with a 3.7% increase year on year in August, up from 3.2% in July. This was the largest monthly gain of 0.6% since June 2022. According to Reuters, this growth aligns with analysts’ expectations, with the gasoline price, which jumped 10.6% in August, accounting for over 50% of the CPI growth in the month. However, the core CPI, which excludes volatile food and energy prices, rose 4.3% year on year in August, decelerating from 4.7% in July and marking the smallest reading since September 2021.

Deutsche Bank Enters Crypto Custody with Taurus

Deutsche Bank has joined forces with Swiss crypto firm Taurus to offer custody services for institutional clients’ cryptocurrencies and tokenized assets. This collaboration enables Deutsche Bank to hold a limited selection of cryptocurrencies and tokenized traditional financial assets for its clients, a first for the financial institution, according to a spokesperson. Germany has a favorable regulatory environment for cryptocurrencies, recognizing licensed exchanges and wallet providers as part of the financial services sector. Furthermore, the German Banking Act permits banks to provide crypto custody services.

German Regulatory Environment Favors Crypto

Clients can use their Deutsche Bank account or card to purchase cryptocurrencies like Bitcoin through a licensed cryptocurrency exchange in Germany. This development follows similar announcements from BlackRock and Fidelity Investments, which recently applied for exchange-traded fund (ETF) licenses.

Despite the looming ‘death cross’ and mixed signals from the U.S. CPI data, Bitcoin remains resilient, bolstered by growing institutional interest and a supportive regulatory landscape in Germany. The partnership between Deutsche Bank and Taurus marks a significant milestone in the cryptocurrency space, potentially paving the way for broader institutional adoption.

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