Earlier in July we distributed an email warning of a potential impending schism of the Bitcoin network. Thankfully, it now seems most miners are not going to activate the Protocol which would initiate the schism, but there remain several grumbles in the Bitcoin network and the situation is still unclear.
Therefore, we have three significant announcements to make:
- We will have a temporary suspension on Bitcoin deposits/withdrawals on 1st August. This is a temporary measure until we can be surer of what is actually going on in the Bitcoin community. The situation should be a lot clearer later on 1st August. We expect this suspension to be 1-2 days at the very most.
- If you have open long positions on BTC, we recommend you close them. The situation is very unclear and, as yet, there is no way to know at what quotes Coinbase will offer for Bitcoin on 1st August. However, if you’re willing to take a risk you can leave your trades open.
- Coinbase, our liquidity provider, may suspend quotes on 1st August. Please be aware that this is only yet a hypothetical situation, but it was stated on the GDAX (Global Digital Asset Exchange) website that they “will temporarily suspend the deposit and withdrawal of bitcoin on GDAX and may pause the trading of bitcoin as well”. This would mean we would be without quotes and it would not be possible to trade Bitcoin on our MetaTrader platforms.
We understand that this situation is far from ideal. Should you have any questions about 1st August, please do not hesitate to Contact Us.