Why is BTC to EUR pair important to traders?
Every year the number of European Union citizens interested in cryptocurrency trading grows. Since its inception in 2009, Bitcoin (BTC) has proved to be the number one cryptocurrency in terms of market capitalisation and value. The Eurozone’s Euro (EUR), in turn, is one of the world’s major currencies and second most traded currency globally.
The crypto market is extremely volatile, which provides huge potential for speculation. The BTC to EUR pairing is one of the most popularly traded crypto-to-fiat currency pairs in the world.
BTC to EUR trading: the ultimate way to invest in Bitcoin
Although the volume of Bitcoin to Euro trading is lower than its American counterpart BTC to USD, it is steadily growing. The BTC/EUR and vice versa account for almost 5 per cent of global Bitcoin transactions.
Bitcoin traders can always profit from BTC price swings. You can either go long or short, depending on Bitcoin to EUR’s price movement, and benefit from the price difference.
With Bitcoin showing a remarkably strong start in 2020, and Bitcoin futures volume rapidly increasing, the volume of the currency pair looks set to increase in the years to come.
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Bitcoin is the foremost cryptocurrency in the world. Decentralised at its core, Bitcoin transactions do not require a middleman, meaning no banks or other authorities are involved. In addition to being an alternative payment network and a store of value, Bitcoin offers great opportunities for traders.
Key facts about Bitcoin
Launched in 2009
The first decentralised cryptocurrency
The brainchild of a person or group known as Satoshi Nakamoto
80% of all Bitcoins have already been mined
The maximum number of Bitcoins is 21 million
Bitcoin is considered both a commodity and a currency
The first Bitcoin transaction was to buy 2 pizzas
Launched at the first cryptocurrency exchange BitcoinMarket.com in April 2010, Bitcoin’s starting price was $0.003 (€0.0027). Later on, the BTC price rate increased dramatically, bringing more than a thousand per cent earnings to its initial owners.
In 2017, the Bitcoin price surged by more than 220 per cent and reached almost $20,000 (€17,974). Bitcoin slid sharply down during the “Crypto Winter” of 2018, when it lost more than 60 per cent of its value, sinking to $3,000 (€2,696) level.
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In the Bitcoin to EUR pair, BTC is the base currency and the EUR is the counter currency, which means the chart shows how much Bitcoin is worth measured against the euro.
The Euro Is the official currency of the European Union. It has been adopted by 19 of the 28 Member States, who are thus part of the Eurozone. It is currently the second most influential currency in the world, representing about 21% of international foreign currency reserves held by central banks.
The value of the euro is directly affected by the European Central Bank’s policy and decisions regarding the interest rate. Outstanding political events, GDP and inflation numbers, economic growth forecasts could also affect the value of the euro.
Those, interested in BTC/EUR pair trading, should keep a close watch of crypto market news as well as major political and economic events in the Eurozone.