Why is the BTC to GBP pair important to traders?
The BTC to GBP pair matches the world’s leading cryptocurrency, Bitcoin, with one of the world’s most influential fiat currencies – the British pound. The pairing represents how many pounds are needed to buy one bitcoin.
Launched in 2009, Bitcoin remains by far the most popular and widely accepted digital coin – boasting a crypto market share of about 70 per cent despite the emergence of many rivals. Even after a decade in existence, BTC still remains very volatile, offering huge potential for speculation.
On the other end of the pair is the British pound. It is one of the most economically and financially important fiat currencies available. GBP is the fourth-most traded currency in terms of turnover and the fourth-most widely held reserve currency worldwide.
Its unique properties make the Bitcoin to GBP pairing one of the most popular crypto-to-fiat currency pairs in the market. As the volume of BTC to GBP transactions is growing, the pair clearly offers substantial opportunities to traders.
BTC to GBP trading: the ultimate way to invest in Bitcoin
Although the volume of Bitcoin to Pound trading is lower than its American counterpart BTC to USD, it is steadily increasing. The ultra-volatile nature of BTC/GBP makes it a strong alternative to traditional Forex markets.
Bitcoin has cemented its position as the world’s top cryptocurrency. With digital currencies becoming increasingly normalised, the volume of the BTC/GBP pair is likely to continue to increase in the near future.
Bitcoin traders can always profit from BTC price swings. You can either go short or long, depending on Bitcoin to GBP’s price movement, and benefit from the price difference.
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Launched in 2009, Bitcoin introduced a new type of digital currency to the world gradually gaining worldwide popularity. Today, it is the most popular and valuable cryptocurrency on earth, serving as the gold standard for emerging cryptos.
Due to its decentralised nature, BTC 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 to traders.
Quick facts about Bitcoin:
- Founded in 2009, it is the first decentralised cryptocurrency
- Bitcoin is considered both a commodity and a currency
- It is a brainchild of a mysterious person or group known as Satoshi Nakamoto
- The first Bitcoin transaction was made in May 2010 to buy two Papa John’s pizzas
- Bitcoin ATMs are now available worldwide
- The maximum number of bitcoins is 21 million
- Nearly 90 per cent of all bitcoins have already been mined.
Launched at the first cryptocurrency exchange BitcoinMarket.com in April 2010, Bitcoin’s starting price was $0.0025 (£0.0018). Shortly after, the BTC price rate started to surge dramatically, generating more than 1,000 per cent earnings to its initial owners.
In 2017, the BTC/GBP rate skyrocketed by more than 220 per cent and reached a whopping £14,600. Bitcoin fell down significantly during the infamous crypto winter of 2018, losing more than 60 per cent of its value and dropping to £2,540 level by January 2019. In 2021, Bitcoin reached an all-time high of just above $64,800 on 14 April. BTC dropped under $30,000 in July, but in October, the price once again hit $60,000.
As the cryptocurrency is not tied to any particular country, the geopolitical and economic factors have little to no bearing on Bitcoin. Instead, you should keep an eye on its demand, adoption rates, regulations and market sentiment.
The British pound is the fourth most-traded currency in the Forex market after the USD, EUR and JPY. It has historically been one of the strongest and most stable currencies worldwide.
The GBP’s value is majorly influenced by the macroeconomic factors, such as the GDP figures, import and export data and interest rates, and sentiment around future developments.
Those interested in Bitcoin to Pound pair trading should keep a close watch not only on crypto market news, but also monitor the latest Brexit and Covid-19 developments, economic reports, and the Bank of England’s releases that may influence the value of GBP.
Follow Currency.com to always stay on top of the latest BTC/GBP rate and spot the best opportunity to enter a trade.