Trading Bitcoin to Norwegian Krone
The BTC/NOK is a combination of the Bitcoin (cryptocurrency) and the Norwegian krone, NOK (fiat currency). The Bitcoin to NOK is composed of the most popular crypto as a base currency and one of the top-20 currencies in terms of the foreign exchange market turnover, according to the Triennial Central Bank Survey. Given the popularity of the Bitcoin to NOK pair, traders can enjoy high liquidity.
The historical BTC to NOK exchange rate shows that there is an upward trend and also this pair provides numerous trading opportunities thanks to the continuous occurrence of retracements. Namely, BTC to NOK has an adequate level of volatility which can result in some attractive profits for different types of traders. The pair can be a viable choice for day traders, swing traders and position traders because its price can fluctuate multiple percentages within a short or more extended period.
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 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 for ever. 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 Norwegian krona (NOK)?
Norwegian krona or NOK is the official currency of Norway and it was introduced in 1875 when Norway became part of the Scandinavian Monetary Union. The Central Bank of Norway ensures the stability of NOK and uses relevant monetary instruments to maintain a stable currency.
Which factors affect NOK value?
The NOK value is under the influence of different factors such as demand and supply, the level of economic activity and other relevant fundamentals. The Norwegian krone is also affected by country-specific things such as the oil price because the export of crude oil may take more than half of the overall exports. Another specific factor that impacts NOK is the value of other European currencies. Norway exports the majority of crude oil to countries in Europe, which is one of the reasons why other currencies and NOK are connected.
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