Trading BTC to TRY
BTC to TRY pair consists of and Bitcoin Turkish lira. BTC is among the cryptos with highest market capitalisation and trading volume. TRY is fiat currency, ranked in the top 20 economies according to GDP. Hence, there could be a sufficient level of volume and volatility which can provide rewarding trades.
BTC to TRY to can often move up to 10 per cent or even more on normal trading day. The price fluctuations can also be much bigger when trading on higher time frames. The volatility of BTC to TRY exchange can be additionally enhanced by events surrounding the Turkish lira and such events happen on a regular basis. Depending on the timeframe, BTC/TRY show trending movements as well as sideways movements. Hence, Bitcoin to TRY can be of interest for different types of traders and it can be included in various trading strategies.
What is Bitcoin?
Since its introduction in 2008, 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.
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 Turkish Lira (TRY)?
Turkish lira or TRY is the official currency of the Republic of Turkey and it was set as the primary currency in 1844. The stability of TRY is under the governance of the Central Bank of the Republic of Turkey, which defines and implements the country's monetary policy. The Turkish lira has gone through major crises in the past. The lira as we know it today was defined in 2005 and it has been of particular interest for traders ever since.
Which factors affect TRY value?
One of the characteristics which make this currency interesting is the geographical position of the country itself. The majority of Turkish land is located in Asia, whereas a minor portion is positioned in Europe. Due to its location, it has developed close relationships with countries from the two continents. Accordingly, the currency (as well as the BTC/TRY) can be directly affected by political and economic actions occurring at either of the continents.
Turkey is also a major exporter of goods worldwide and any event which can have a positive or negative effect on the Turkish exports will affect the TRY and accordingly change the BTC to TRY value.
Also, a decrease in tourism activity can impact the fiat currency because this sector has crucial importance in the Turkish economy. Changes in the level of investment activities is yet another aspect which should be considered by traders when analysing the Bitcoin to TRY or any other pair related to TRY. In general, traders should monitor the domestic and external factors which influence the currency. Examples of events that indirectly impacted the TRY value in the past are the terrorist’s attacks, the influx of refugees in Turkey, political confrontation with the EU or Russia, and so on. It is evident that Bitcoin to Turkish lira value can be affected by a variety of things coming directly from two continents and from other markets.
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