By Taylor - Crypto Investor - 02-11-2021
According to a study, about $38 million worth of Bitcoin (BTC) has reportedly been transacted out of cryptocurrency trading platforms. A blockchain analytical start-up company, Glassnose, has stated that long-term holders have been buying Bitcoin to the masses throughout the last year and continue to hold the tokens. In a tweet, the start-up noted that the balances of cryptocurrency exchange platforms had decreased to 2.47 million BTC; this figure level was last seen in August 2018.
In the statistics report, Glassnode had shown that 30,850 BTC was the average monthly outflows for exchanges since quarter one of 2020. As a way to keep track of the BTC market supply, the amount of Bitcoin accumulated in investors' wallets is regularly monitored and updated. Since BTC is continuously decreasing in amount to what is available for purchase, the price of the coin will eventually have to rise as BTC becomes rare.
Reportedly, Glassnodes has also looked into the statistic for Bitcoin's exchange net position change to measure the crypto coin's supply change in wallets and exchanges. When not including the market crash from Bitcoin's all-time high of $64,000, it appears that there has been a steady and consistent outflow of exchanges on a monthly basis. The current outflow statistic is sitting at around 22,000 BTC monthly. Something worth noting is that the company's data technology is backed up by the problems that Binance is currently facing. Binance is the largest crypto exchange globally and has recently prevented BTC withdrawals just today, this is reportedly due to a high backlog.
If you are looking to Buy Bitcoin online or cash out Bitcoin instantly, then you can head over to BC Bitcoin where you can safely trade crypto today.
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