Cryptocurrency market jumps 3.6% to three-week high
Lawrence Gash • 16:58, 9 January 2023
BTC/USDT
BTC/USDT
Trading BTC to USDT
Bitcoin to USDT offers the possibility for trading a combination of a strong cryptocurrency against one of the strongest and most popular stablecoins.
The BTC to USDT rate can fluctuate a few per cent during the trading day and the price swings offer multiple trading opportunities. The value of Bitcoin to USDT can move up to five per cent throughout the week, forming a mild trend with some significant breakouts.
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 the 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.
- You can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- The first 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 USDT?
Tether, also known as USDT, was launched in 2014. It is a cryptocurrency initially based on the Bitcoin blockchain technology through the Omni Layer Protocol. The interesting aspect about this crypto is that each USDT claims to be tethered (backed) by a USD . The USDT is pegged to the USD as a fiat currency at a ratio of 1:1.
Factors affecting USDT value
The value of Tether can be under the influence of the overall cryptocurrency market and of the factors specific to the USDT currency. Any news and announcements related to Tether may have an effect on the BTC to USDT exchange rate. In particular, the announcements related to the level of reserves which should be held to back the digital coins in circulation, since they have had an effect in the past.
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BTC/USDT price history
| Date | Close | Change | Change(%) | Open | High | Low |
|---|---|---|---|---|---|---|
| Jan 28, 2023 | 23102.70 | 29.50 | 0.13% | 23073.20 | 23184.00 | 23043.10 |
| Jan 27, 2023 | 23072.90 | 63.60 | 0.28% | 23009.30 | 23496.60 | 22536.20 |
| Jan 26, 2023 | 23009.10 | -51.30 | -0.22% | 23060.40 | 23280.50 | 22856.00 |
| Jan 25, 2023 | 23056.60 | 424.70 | 1.88% | 22631.90 | 23811.00 | 22331.20 |
| Jan 24, 2023 | 22632.30 | -284.10 | -1.24% | 22916.40 | 23161.00 | 22465.10 |
| Jan 23, 2023 | 22916.20 | 210.20 | 0.93% | 22706.00 | 23107.90 | 22512.40 |
| Jan 22, 2023 | 22706.80 | -75.20 | -0.33% | 22782.00 | 23074.70 | 22294.80 |
| Jan 21, 2023 | 22781.30 | 114.80 | 0.51% | 22666.50 | 23348.40 | 22425.30 |
| Jan 20, 2023 | 22666.00 | 1594.40 | 7.57% | 21071.60 | 22752.90 | 20886.20 |
| Jan 19, 2023 | 21071.50 | 396.91 | 1.92% | 20674.59 | 21186.10 | 20660.40 |
| Jan 18, 2023 | 20674.50 | -444.80 | -2.11% | 21119.30 | 21636.60 | 20410.80 |
| Jan 17, 2023 | 21116.60 | -58.10 | -0.27% | 21174.70 | 21578.40 | 20833.00 |
| Jan 16, 2023 | 21174.70 | 314.20 | 1.51% | 20860.50 | 21438.60 | 20617.59 |
| Jan 15, 2023 | 20861.80 | -78.29 | -0.37% | 20940.09 | 21040.40 | 20553.09 |
| Jan 14, 2023 | 20940.09 | 1020.50 | 5.12% | 19919.59 | 21323.50 | 19883.00 |
| Jan 13, 2023 | 19918.40 | 1083.40 | 5.75% | 18835.00 | 19928.59 | 18705.40 |
| Jan 12, 2023 | 18834.59 | 900.29 | 5.02% | 17934.30 | 19086.09 | 17898.20 |
| Jan 11, 2023 | 17934.30 | 503.40 | 2.89% | 17430.90 | 17991.40 | 17310.40 |
| Jan 10, 2023 | 17430.90 | 260.20 | 1.52% | 17170.70 | 17482.09 | 17140.00 |
| Jan 9, 2023 | 17170.70 | 51.70 | 0.30% | 17119.00 | 17387.20 | 17098.00 |