By Luke Flowers - Cryptocurrency Broker
The crypto giant Bitcoin has experienced a roller coaster of events in the past couple of weeks but has recently outdone altcoins such as XRP and Ethereum. This suggest more are looking to buy Bitcoin as reported on Newsbtc. On Wednesday, when Bitcoin was trading below 8% on the daily, ETH and XRP were down by almost 15%. Almost twice as many losses.
Despite the capitalisation recovery of the Cryptocurrency markets, both mentioned above performed poorly against Bitcoin. Traders believe that this trend may likely continue in the week to come as many could look to sell XRP and Ethereum.
XRP’s pair, which had the support of the 20-week basic moving average, was lost against Bitcoin, according to popular crypto trader Jacob Canfield. He further explains that if this continues to break and close lower, the XRP/BTC could drop more than this. Movement of the market in this direction strongly correlate with sentiment to sell XRP and buy Bitcoin.
BTC’s dominance metric is expected to hit 78% by the time March comes around according to trader Velvet. Current levels sit around 68.94% at time of writing. He goes on to say that this might be the case if the prices of XRP and ETH get a “slow bleed”, suggesting users could look to sell Ethereum and XRP in the times to come. He even asserts that Bitcoin will possibly hit $20,000 by March. If more were to buy Bitcoin and the price increased to this level, then dominance may be closer to his prediction.
Crypto hedge fund manager, BitBull’s CEO, Joe DiPasquale spoke to Forbes to say that the mentioned altcoins are likely going to suffer, which is possibly why XRP dropped to trade at its lowest price in the past two years. He goes on to say that the XRP project has always been sensitive to adoption-related news on money service and banking partners as they’ll represent the largest clients of Ripple. DiPasquale believes that with the recent price drop of Bitcoin, you could expect other cryptocurrencies to fall in price.
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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