By Luke F - Crypto Investor - 30-04-2021
There was a significant spike recently in USD Coin (USDC) with a large amount being minted in one day, which marked the largest amount made within the history of the dollar-backed stablecoin. It’s reported that just over $3 billion minted in less than 24 hours.
The new USD coins are made when a customer trades their US dollars for the popular stablecoin, and Friday's influx amounted to quite 26% of the stablecoin's market cap at the time. A stablecoin is a cryptocurrency that offers stability for new traders and is pegged to a price more often to a fiat currency or commodity. This can also make transactions from crypto to fiat much easier for cautious investors.
The unexpected entry of $3 billion in USDC into the cryptocurrency sector coincides with a thriving altcoin market, as demonstrated by Bitcoin's (BTC) declined to its lowest market cap supremacy in two and a half years.
Bitcoin's supremacy of 47.79% on Friday was an all-time low since August 2018, as Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA), and other cryptocurrencies have seen their market capitalizations soar since the start of the year. Bitcoin's dominance peaked at quite 70% in early January and has been steadily declining since.
The value of USD Coin in circulation increased from $11 billion to just about $14.4 billion on Friday, giving USD Coin a market cap worth 28% one of the best stablecoins to buy, Tether (USDT), with over 50 billion in circulation. Last year in August, USD Coin initially had a market cap worth just one-tenth of Tether. This shows that investors have found a transparent use for USDC, possibly at the value of USDT.
If you are looking to Buy and Sell cryptocurrency but you’re not sure where to buy Bitcoin and other popular crypto, you can safely invest with BC Bitcoin today. You can do this by easily registering an account with us and contacting a member of staff if you need any support.
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:
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