CJ - Cryptocurrency Specialist
According to Ki Young Ju, the CEO of analytics company Crypto Quant, wealthy cryptocurrency investors are actively stockpiling Bitcoin (BTC) through the renowned cryptocurrency exchange Binance.
Young Ju stated that despite uncertain market circumstances, spot trading volume domination on the biggest cryptocurrency exchange platform Binance has increased since BTC crossed the $20k price milestone. According to a snapshot from CryptoQuant, Binance is in charge of 84% of trade volume, while Coinbase exchange comes in second with 9%.
According to CryptoQuant CEO, one of the factors that may explain Binance's dominant trading volume is its newly introduced zero-fee Bitcoin trading policy. The average quantity of BTC deposits from other exchanges to derivative exchanges has been relatively high, reflecting a five-year high, according to a graphic by CryptoQuant. Based on the data, CEO Ju came to the conclusion that most whales trade Bitcoin futures.
As the hash rate to mining revenue ratio reached an all-time high, Young Ju also made some observations about the activities of Bitcoin miners. He stated that despite the little profits from Bitcoin mining, they continue to invest in infrastructure. Miners have always failed in the near term but never in the long run.
A message that the CEO pinned to his Twitter page also suggested that there was a propensity for an optimistic outlook since long-term investors are not selling Bitcoin and institutions are accumulating the currency. "It is time to take such facts seriously," he asserts.
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards