CJ - Cryptocurrency Expert
The cryptocurrency market has surpassed the $1 trillion milestone once again, as a joint statement from the Federal Reserve, U.S. Treasury, and FDIC brought relief to depositors of Silicon Valley Bank and Signature Bank.
Following the announcement, Bitcoin price rose to $22,300 and Ethereum (ETH) reached $1,596, both up approximately 8% in the last 24 hours, according to CoinMarketCap data. Top-30 coins such as Cardano (ADA), Polygon (MATIC), Solana (SOL), Litecoin (LTC), Avalanche (AVAX), and Filecoin (FIL) also surged by over 10%. However, the traditional financial market reacted hesitantly, with the U.S. dollar falling during early Monday trading.
US Dollar Coin (USDC), the second-largest stablecoin, returned to its dollar peg of 99.3 cents on various price indices after falling to a new all-time-low of 87 cents on Friday. USDC issuer Circle's disclosure of $3.3 billion of cash reserves sitting in Silicon Valley Bank prompted concerns about the stability of stablecoins. The weekend slump in stablecoins like USDD, USDP, and USDC, and the banking chaos and contagion, have raised doubts about the viability of stablecoins in the future.
While the recent banking failures and financial market uncertainties have caused concern among investors, they have also highlighted the appeal of Bitcoin (BTC) as a safe haven asset. As a result, some analysts predict that Bitcoin could rise even higher as people seek alternative stores of value. If you're looking to purchase Bitcoin and believe in its long-term viability, consider using a reputable cryptocurrency broker such as BC Bitcoin, which can offer guidance and support in navigating the volatile cryptocurrency investment market.
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