Bitcoin, Ethereum and Other Major Cryptocurrencies Brace for $2.1 Trillion Earthquake After Extreme Price Swings

Bitcoin and cryptocurrencies have seen a violent return to volatility over the past two weeks with the cryptocurrency market combined losing and then gaining about $300 billion (Sign up now to Forbes CryptoAsset & Blockchain Advisor and find out which cryptocurrency is poised for a 1,000% gain).

The price of Bitcoin, which is currently comfortably trading around the psychological level of $40,000 per bitcoin, is still significantly lower than the peak of $65,000 set in April.

Now, amid reports that institutional investors are preparing to re-enter the bitcoin and cryptocurrency market, a new law in Germany will allow institutional investors who currently manage 1.8 trillion euros ($2.1 trillion) to invest in bitcoin and cryptocurrencies for the first time.

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More Forbes Crypto Price Prediction: Bitcoin Could Be Left in the Dust by Ethereum in 2021

The price of Bitcoin has fluctuated significantly over the past week, with Bitcoin trading across the $10,000 range. … [+] Meanwhile, Ethereum and other major cryptocurrencies have bounced violently.

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The so-called Spezialfonds, available only to institutional investors such as pension companies and insurance companies, will be able to invest up to 20% of their holdings in Bitcoin, Ethereum and other cryptocurrencies starting Monday.

“Most funds will initially remain well below the 20% mark,” Tim Kreutzmann, a crypto-asset expert at BVI, the German fund industry body, told Bloomberg, which first broke the news. “On the one hand, institutional investors such as insurance companies have strict regulatory requirements for their investment strategies. On the other hand, they should also invest in cryptocurrencies.”

Earlier this week, about $2.5 billion worth of bitcoin was moved from crypto exchanges including Coinbase, Kraken and Binance, according to market data provider Glassnode in what CNBC described as a “signal that institutional investors are moving away from the sidelines.”

Glassnode data shows that around 63,000 bitcoins have been moved from major exchanges.

“Trading activity has been higher than what we’ve seen recently,” Jeremy Welch, chief product officer of US-based bitcoin and cryptocurrency exchange Kraken, said in comments sent via Twitter DM. …if the narrative is correct, it may eventually prove to be very positive for price relative to the crypto space.”

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More Forbes Crypto Price Predictions: Bitcoin Will ‘Exceed’ the Dollar by 2050 and Rise to $66,000 by End of 2021

Bitcoin price has regained some of its lost gains since the massive sell-off during April and May that… [+] It wiped out more than $1 trillion from the Bitcoin and cryptocurrency market subscribers and sent Ethereum and other tokens into free fall.

Queen Piece

The recent surge in the price of bitcoin was kicked off by reports that online retail giant Amazon plans to roll out support for bitcoin and cryptocurrency as early as this year. The company denied the City AM report but said it was “exploring what [crypto support] It could look like the Amazon.”

“Regardless of [Amazon adoption] Embodied or not, the point is that institutional and corporate adoption remains one of the market-moving narratives.”

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