Effects of Coronavirus on Crypto Markets
By Mark Lemon – Cryptocurrency Specialist
Most businesses have seen a decline during the COVID-19 pandemic. Many asset classes have also experienced negative price movement; however this is not the case for all. Notably, Tether has gained 34% market capitalization on the 31st March, approximately $1.6 billion. This could indicate that traders have chosen to buy Tether or swap out to USDT due to possible price movement of the markets.
Tether is the original stablecoin which is pegged with the U.S dollar. This results in very little alterations in price. The cash-like nature of Tether has become more tempting for crypto investors and people who buy and sell cryptocurrency as it can be used to buy ETH, Bitcoin or to buy XRP for example.
Recently, Tether has started issuing its stablecoin on different blockchain networks. It not only runs on Bitcoin, but also Ethereum and Tron. Diversifying the supported ledgers allows Tether to reach more users at reduced costs but in turn, makes it harder for researchers and authorities to track the coin.
Many of the computing networks that support the blockchains are paid out in Bitcoin or Ether. If most users begin to use Tether instead, less may be encouraged to donate their processing power. Less computers mining will impact security which will become more susceptible to attacks.
If you would like to get involved in cryptocurrency and buy Tether, then you can do so by heading over to the BC Bitcoin website where you can buy cryptocurrency and sell cryptocurrency. We are a trusted broker where you can also exchange crypto.
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 info@bcbitcoin.com 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 info@bcbitcoin.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 info@bcbitcoin.com Kind Regards