Trading BTC to ILS
BTC to ILS trading pair is composed of the most popular cryptocurrency and a fiat currency which is considered to be among the strongest ones in the world. However, there is a debate regarding the strength of ILS and whether it is overvalued or not. Moreover, while many want to see stronger ILS, exporters coming from Israel benefit from weaker currency as their products become cheaper on the foreign markets.
The BTC/ILS price chart shows that the pair can be integrated with different trading strategies. The Bitcoin to ILS movement can offer trading opportunities based on breakthroughs, trading in a ranging market as well as trend trading strategy. Bitcoin to ILS has periods where the value moves in an upward direction, followed by a sharp decline or a sideways movement. So, BTC to ILS can be perceived as a universal trading pair.
What is Bitcoin?
Since its introduction in 2008, the Bitcoin had a significant impact on the financial markets and on trading. Despite the scepticism related to BTC in the early years, it is now one of the most actively traded cryptocurrencies in the world. Bitcoin is a base or quoted currency in tens of currency pairs with a daily trading volume reaching tens of billions of pounds.
Here are some interesting facts about the BTC
- At the beginning of 2010 Bitcoin price was only $0.003 and with $1 you were able to buy more than 300 Bitcoins. Today $1 can be used to cover only a portion of your trading fees because BTC has appreciated substantially since then.
- Although the name Satoshi Nakamoto is associated with the invention of Bitcoin, in reality, the creator (or creators) of Bitcoin is unknown.
- Losing your crypto wallet private key most likely means that you can no longer access your Bitcoins, they are lost forever. So, find a safe way to keep your private key.
- The Bitcoin supply is limited to 21 million coins.
- In some stores, you can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- The real-world transaction in Bitcoin was made in 2010 when Laszlo Hanyecz paid 10,000 BTC for two pizzas which were worth only $30. Later on, 10,000 Bitcoins were worth tens of million dollars.
Which factors affect Bitcoin value?
The supply and demand for Bitcoins have a major influence on its price. The cost for mining Bitcoins also affects the value of BTC, in a way that higher costs would imply that BTC value should increase or mining would be unprofitable. The number and strength of competitive cryptocurrencies and the number of currency exchanges which quote the BTC can positively or negatively impact BTC value. Moreover, different regulations and legal issues can affect the value as it was evident in the past.
What is Shekel (ILS)?
The ILS or Israeli New Shekel is the recognised currency of the State of Israel. It is also referred to as the Israeli Sheqel and the Bank of Israel issues the currency. The new Shekel was introduced in 1985 replacing the currency now known as the old Shekel which was subject to frequent devaluations and was also faced with hyperinflation.
Which factors affect ILS value?
Numerous factors can affect the ILS value. For instance, changes in the trade balance, increase in the flow of direct investments, the level of Central Bank currency reserves are some of the things which may affect the Israeli Shekel value in the long run and may cause changes in the BTC to ILS exchange rate.
The tech exports, along with low Debt-to-GDP ratio, also affect the value of Israeli Shekel in relation to other currencies. All that means that traders should carefully monitor the economic factors to identify possible lucrative trades. For example, a decrease in economic growth may potential depreciate the ILS, which in turn will strengthen the BTC value.
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