By Harry B - Crypto Consultant - 09-08-2021
Hitting the media this morning, the price of gold has fallen due to stop-loss trading. According to analysts, the price dipped below $1,700 per ounce for gold from a multitude of investors using the stop-loss method of trading and investing.
This past week, the value for the popular commodity had plunged to a new low since March. Reportedly, the price drop occurred during the Asian trading hours sending the precious metal down to $1690 per oz. Since the fall on Monday, the commodity's price is recovering, albeit very slowly, with the current price sitting at $1,742/oz.
However, gold has been down 4% in the last few weeks despite the slight incline in price after Monday's drop. Furthermore, the asset is down by 8.7% compared to its price in May when it traded for $1900 per oz. So far in 2021, the precious metal had fallen by 14.6% from its all-time high of just under $2,040 in August 2020.
Well-known analyst Peter Brandt reportedly stated that the recent value drop is the fault of wholesale liquidations. Brandt talked about how the ratio for leverage within the commodity market of the Chicago Mercantile Exchange is 15-to-1. The analyst heavily implied that the numbers mean that what's driving the price in gold down is having extremely leveraged traders.
It's also reported that the prices were falling due to recent data regarding unemployment in the US. As stated within an official report from the Bureau of Labor Statistics, the jobless rate fell to a whole new low than predicted to 5.4% from 5.9%.
In other news, the price to buy Bitcoin (BTC) has fallen by 28.5% from its recent all time high of $65,000. At the time of its price peak for Bitcoin buying, just one BTC was worth a total of 35 ounces in gold. The current comparison is that one Bitcoin would equal 25 ounces of gold as of writing, which remains drastically different from 15.5 ounces of gold to one Bitcoin at the start of 2021.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards