As Coronavirus Impacts Markets, Gold And Bitcoin Are Correlating
By Jamie Green – Cryptocurrency Specialist
The sudden outbreak of coronavirus has resulted in the comparison of two very different assets, as reported by CryptoPotato. Users have always compared Gold to Bitcoin but the crisis so far show they correlate very closely in the short-term.
Recently, a report by VanEck Global fund manager showed that within a short span of time, gold and Bitcoin are correlating progressively more & more. Many similarities can be found between the two, including scarcity & a finite supply, as well as other factors. Gold has been considered the main asset for people for a long time and the recent correlation between Bitcoin and Gold suggests the digital asset is approaching a “safe-haven status”.
Many buy gold securely in the same way people buy Bitcoin from a trusted Bitcoin broker, whether as an investment or just as a security. However, users rarely hold the physical commodity when trading, but it can be much easier to hold the digital assets.
The report goes on to reveals that the Bitcoin ETF, a product offered by VanEck, illustrates a considerable reduction in volatility for 60 percent equity / 40 percent bond blended portfolios.
Does it affect Bitcoin anyway?
Bitcoin is believed to be one of the most secure assets in the world and is often touted by those that buy and sell cryptocurrency, especially among those who buy and sell Bitcoin. Undoubtedly, gold is still dominant over all the stock markets, commodities and cryptocurrencies. March recently displayed a loss of 40 percent during its sell-off for Bitcoin.
In contrast to that, gold prices usually increase or become stagnant rather than reducing to such a huge percent. Therefore the cryptocurrency experts suggest Bitcoin will stay uncorrelated with assets such as currency or commodities.
Head on over to our platform to Buy and Sell Bitcoin UK from your local cryptocurrency broker.
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