Coronavirus Pandemic Effects Crypto Market while Tether (USDT) Looks to Have Gained Popularity
Cryptocurrency Enthusiast – Max Steadman
The Covid-19 pandemic has resulted in the instability of traditional markets and stocks. This is also the case for some areas of the cryptocurrency trading market and industry. While these effects are being reported on, one cryptocurrency that appears to have avoided these negative implications is Tether (USDT).
While the market capitalization for the leading crypto Bitcoin (BTC) has seen a decline of 37% since the start of the year, Tether (USDT) has seen an increase of 38% (nearly $2 billion in growth) according to the research firm Messari.
Tether (USDT) is referred to as a stablecoin as it is pegged to the U.S dollar value. The notion of the cryptocurrency allows users to perform transactions, buy Bitcoin and other altcoins with little price volatility. With its dollar cash-like equivalency, it has seen more investors buying the coin as other cryptocurrencies fall in value.
Generally speaking, 1 USDT coin is equivalent to $1.00. The private company behind Tether is based in Hong Kong and have stated that they release tokens into circulation based on customer demand. Tether has started issuing its stablecoin on many different digital platforms as more users join the space, increasing its level of demand.
As the industry evolves, so do the international government regulatory guidelines. Many cryptocurrency trading firms update their customer contract agreements to reflect this, including the mandatory requirement for users to comply with a Know-Your-Customer (KYC) verification process.
In many countries in which the Tether (USDT) blockchain operates, the dollar is often the local currency and could even possibly influence their native currency to an extent. This will depend on the use of stablecoin.
If you are looking to buy and sell Cryptocurrency, you can register an account with BC Bitcoin today. Get in touch with a member of our team today for the best available market rate.
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:**
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