The crypto market is in the middle of a fresh freefall once again today. At the moment of writing this article, the most important coin in the crypto market is trading in the red, and Bitcoin is priced at $4,627.34.
We’re in the middle of a huge global financial crisis triggered by the coronavirus pandemic.
The financial sector has been massively affected by the news, but when it comes to the crypto industry, it is not sure how much it will be affected by this.
Lloyd’s Bank UK refuses to transfer funds to Coinbase
Amidst this dramatic scenery, Lloyd’s Bank UK seems to be refusing to transfer funds to Coinbase.
They have banned credit card customers from buying BTC due to panic and fears that they could be left on debt as the crypto’s value deflates.
The banking giant includes Halifax, MBNA, and Bank of Scotland,
Bitcoin’s fall in price led to massive concerns that people who are borrowing money to purchase crypto will be left with large debts if the coin continues to drop.
Some analysts don’t see any need for panic these days, and they say that we’re seeing massive opportunities to make money as stocks and shares are going up and down.
The bank mentioned above is not transferring any money to Coinbase without users going in with the driver’s license, passport, and so on. They will not release any funds or transfers or large amounts without the customer going in branch, even if they have made regular previous payments to Coinbase bank account for significant previous amounts.
LLoyds Bank know what Coinbase is, and they’re making life really hard for anyone who puts money into crypto, which goes to show money in a bank isn’t yours and further solidifies the case and existence for the need for cryptocurrency and being in control of your own finances. Technology such as DAI built on Ethereum effectively mean you do not need your own bank and can have a stable non volatile place to store your funds which isn’t a bank.
Now is the moment to buy the dip
The crypto market has been showing extreme volatility this year, and especially a few days ago, the most important coin in the market fell by more than 50% in only a couple of days. Perhaps it’s time to buy cryptocurrency (if you don’t bank with Lloyds group) and wait things out.
Earlier today, we reported that even the famous fugitive Edward Snowden said that this is the time to buy BTC, and even he is considering it.