Bitcoin Jumps over $9,000 With Triumphant Rally
By Mark Lemon – Cryptocurrency Specialist
The Bitcoin price continues to strafe away from its bearish trend as the price surges to over $9000, setting a new two-week high as the bulls seems to be back to buy Bitcoin.
In spite of the wave of bearish social media calls in the past couple of weeks, the Bitcoin price is still bucking the trend as of Monday above the $9,000 handle.
Trading just over $9,350, the Bitcoin price might be looking to bounce off trendline support and rally higher, but sentiment can always change if users look to cash out Bitcoin at this higher price.
For most of October, Bitcoin was seemingly doing so well until it suddenly took an 8% nosedive on the 23rd October as many looked to sell Bitcoin. This drop in price over a short period of $500 could have been what instigated the rally higher but there could have been other reasons for the increase in buying Bitcoin.
Bitcoin Looking to Ride the China Hype?
Just the other day, a report came out that Chinese President Xi Jinping expressed interest in blockchain technology as a crucial breakthrough technology for the country. Blockchain has been described by Xi Jinping as an important role in independent innovation of core technologies and that they should accelerate its development.
Xi wanted to extend the focus on innovation, the need for increased research and for China to start investing in the technology of blockchain. Though China has strong interest in blockchain technology, they don’t approve so much of buying and selling Bitcoin.
It could be possible, but it's still unclear if this is really what caused the surge crypto buying and Bitcoin's price.
Navigate on over to our platform to sell Bitcoin UK through your trusted Bitcoin 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:**
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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:**
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