If you look at the BTC to RON price chart, it can be noticed that although this pair might have lower volatility compared to some other Bitcoin pairs, it can provide attractive opportunities for traders. Namely, the changes up to hourly time frames show a potential for a movement of a couple of percentages. On the other hand, swing traders that will select the BTC/RON may successfully open and close trades with more significant price movements.
Since its introduction in 2008, the Bitcoin has 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.
The supply and demand of the Bitcoin 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 the BTC value. Moreover, different regulations and legal issues can affect the value as evident in the past.
As its national currency, Romania uses the Romanian leu (or lei for plural) or RON which is subdivided into 100 units called bani. The currency was first introduced in 1867. Overall, based on different social and economic factors, Romanian leu was introduced four times. The last introduction took place in 2005.
The RON exchange rate can be under pressure from economic, financial or monetary factors. The level of import and export can have a dramatic influence on the RON value. Demand and supply of the domestic currency by domestic and foreign entities is another factor which needs to be considered when analysing the movement of BTC to RON. Moreover, as an EU member state, the conditions in the overall EU economy, as well as the EU relationships with other countries, influence the RON rate.
Traders should also watch things related to the Romanian economy and political situation. For example, decisions made by the central bank need to be put on the radar as they have crucial importance for the RON value and consequently for the BTC/RON exchange.
Also, traders should pay attention to the possibility that Romania may abandon its official currency and become part of the Eurozone by accepting the euro as its new currency.
Moreover, currencies coming from a transitional economy with a specific economic history can be influenced by psychological factors. Due to negative experience in the past, adverse conditions (economic, political, etc) may result in increased supply of the RON by the domestic entities in an attempt to convert their holdings in a more stable currency. Such action may create a weaker RON and consequently result in an upward movement of the Bitcoin to RON rate.
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