About 70,000 BTC have been withdrawn since Silicon Valley Bank
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Fidelity Crypto Opens to Millions, Offering Commission-Free Bitcoin and Ether Trading. Fidelity Digital Assets has expanded access to its Fidelity Crypto platform, allowing millions of users to trade Bitcoin and Ether commission-free. The app, previously restricted to a waitlist, is now open to new and existing customers, though not available in all states.
Currently, only Bitcoin and Ether trading are supported, with a maximum spread of 1%. Fidelity has outpaced many US competitors in offering crypto services to retail clients. This move occurs amidst a challenging regulatory environment and the collapse of two major crypto banking partners, Silvergate and Signature Bank.
Bitcoin Self-Custody Surges
Amid concerns in the banking sector, self-custody of Bitcoin has experienced rapid growth, with one of the largest percentage changes in the past six months occurring yesterday. This trend highlights Bitcoin's advantage of allowing users to maintain control over their assets rather than relying on traditional banks. Since the collapse of SVB on Friday, approximately 70,000 BTC have been withdrawn into self-custody, further emphasizing the increasing demand for personal control of cryptocurrencies.
Read next: Mike Novogratz seems to see some positives in the banking crisis for Bitcoin and gold | FXMAG.COM
NatWest Limits Crypto Spending
National Westminster Bank (NatWest), a popular UK-based financial institution, has limited its customers' crypto spending to reduce exposure to the volatile asset class. NatWest account holders now have a daily transfer limit of £1,000 ($1,215) or £5,000 ($6,090) every 30 days for crypto exchanges. The bank aims to prevent customers from losing significant amounts of money on crypto investments and scams.
This decision comes as the bank reports an increase in scams through crypto exchanges. NatWest is not the only UK bank imposing restrictions; HSBC banned credit card purchases of cryptocurrencies, and Nationwide imposed a daily limit of £5,000 ($6,090) on digital asset debit-card purchases.
