ETH/NZD

ETH/NZD

Trading ETH to NZD

Why may the pair be attractive for traders? Firstly, because of New Zealand’s cryptocurrency regulation. In 2019, the Inland Revenue Department gave its approval for salaries and wages to be paid in cryptocurrencies. This decision is expected to drive the demand for digital assets in the Antipodean country.

Secondly, the Ethereum to New Zealand Dollar may prove attractive because of the popularity of the fiat currency among forex traders. This ensures an adequate level of liquidity and trading volume. Furthermore, NZD is recognised as a carry trade currency because it is high yielding, increasing interest in it.

 

What is Ethereum?

Ethereum was introduced in 2015 by a Russian-Canadian programmer Vitaly ‘Vitalik’ Buterin. It is an open-source platform that utilises blockchain technology to create and execute distributed applications (DApps). Users can create or join so-called ‘smart contracts’ directly without third parties, limiting the possibility for fraud.

Ethereum is commonly used as a name of the associated cryptocurrency but in fact, Ethereum is the system or network while Ether or ETH is the native currency. Users need to have Ether when they want to execute a certain transaction through the system.

 

Some interesting facts about the ETH:

  • The Ethereum project was successfully crowdfunded in the middle of 2014 when it raised more than $18 million (£14 million).
  • At the end of 2015 Ethereum’s price was slightly below $1 (£0.8), by mid-January 2018, it reached its current peak of $1,432 (£1,132).
  • Unlike some cryptocurrencies, there is no maximum supply cap for Ether.
  • Ether can be created through ‘mining’  – users receive a reward when they complete a mathematical task and verify transactions.
  • The Ethereum Alliance (EEA) is an organisation developed to enhance the future usability of Ethereum.
  • Most of the ICO (Initial Coin Offerings) are hosted on the Ethereum blockchain.

 

What affects Ethereum’s value?

The factors can be divided into two groups – the ETH related and those affecting the general cryptocurrency market.

 

Ethereum specific factors are:

  • The demand for ETH, which is not driven solely by trading activities;
  • The acceptance of the Ethereum system by more established financial institutions;
  • The increased adoption of smart contracts hosted on the Ethereum platform and the inflow of new users will increase the demand for ETH;
  • The degree of mining profitability;
  • Improvements in the Ethereum system in the future;

 

General factors related to the crypto world:

  • Changes in regulatory laws and regulations regarding the legality and usage of cryptocurrencies;
  • Potential market manipulation by large participants or so-called crypto whales;
  • Speculative trading – on June 22, 2017, a multi-million dollar market sell order crashed the ETH price from above $300 (£240) down to $0.10 (£0.08) in a couple of seconds. Although, the price did bounce back within minutes.  One trader reportedly made over $1 million, thanks to an automatic buy order set at $0.10 through which he purchased over 3,000 ETH.
  • The number of crypto channels where ETH is available for trading also affect its value.
  • The number and strength of ETH competitors.

 

What is the New Zealand Dollar (NZD)?

The New Zealand Dollar was introduced as the national currency in 1967 when it replaced the New Zealand pound at a rate of $2 for £1. It has a code of NZD and it is also called Kiwi dollar because of the kiwi bird associated with the country. NZD is among the top 10 traded currencies globally.

 

Which factors affect NZD’s value?

Even though the New Zealand population is small, its currency is among the most traded on the forex markets. This is due to the country’s stable economy significant foreign trade, high-interest rates, etc.

New Zealand has signed numerous free trading agreements to strengthen its export levels and increase its international competitiveness. As the exports levels are so important for the economy any positive or negative changes in the volume of goods exported from New Zealand may affect the value of the currency. Additionally, when trading ETH to NZD, watch for the problems or uncertainty in some of the most important export partners such as Australia, China or Japan.

NZD is also under the influence of the price of commodities and agricultural products. Consider the changes in the price of milk, sheep and goat meat, wool, bovine meat and so on. If the price of the commodities increases, it may strengthen the NZD value, while a decrease in prices will have the opposite effect.

 

Why trade ETH to NZD with Currency.com

  • Smooth trading

Open your account in just 3 minutes and instantly buy tokenised assets with ETH at better prices. Store your tokens privately and securely and transfer them with ease.

  • Crypto or fiat

Fund your account easily and withdraw fiat with your crypto wallet, credit card or bank transfer.

  • Cutting-edge charts and tools

Enjoy more than 70 technical indicators, great choice of drawing tools, advanced charts, real-time price alerts.

  • Power of leverage

Now you can do more with less. Start with just 0.002 ETH and use up to 100x leverage.

  • Trade safely

Protect your money with guaranteed stop-loss and take-profit orders. Never lose more than you put in.

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ETH/NZD price history

Date Close Change Change(%) Open High Low
Mar 10, 2020 314.67 -4.98 -1.56% 319.65 323.25 313.06
Mar 9, 2020 319.70 5.01 1.59% 314.69 343.23 295.47
Mar 8, 2020 314.67 -19.96 -5.96% 334.63 339.30 309.42
Mar 6, 2020 379.02 16.90 4.67% 362.12 379.96 360.37
Mar 5, 2020 362.07 5.80 1.63% 356.27 371.08 356.27
Mar 4, 2020 356.26 -0.42 -0.12% 356.68 363.88 350.76
Mar 3, 2020 356.73 -13.34 -3.60% 370.07 371.27 349.47
Mar 2, 2020 370.13 20.99 6.01% 349.14 374.79 346.24
Mar 1, 2020 349.20 2.90 0.84% 346.30 354.44 346.01
Feb 28, 2020 362.26 1.91 0.53% 360.35 373.16 343.05
Feb 27, 2020 360.34 4.82 1.36% 355.52 376.99 333.23
Feb 26, 2020 355.49 -34.04 -8.74% 389.53 394.56 342.05
Feb 25, 2020 389.68 -28.98 -6.92% 418.66 419.52 387.44
Feb 24, 2020 418.65 -17.29 -3.97% 435.94 438.92 404.40
Feb 23, 2020 435.95 10.01 2.35% 425.94 436.85 425.34
Feb 21, 2020 413.61 7.19 1.77% 406.42 422.70 401.35
Feb 20, 2020 406.69 2.00 0.49% 404.69 413.79 388.04
Feb 19, 2020 404.86 -37.76 -8.53% 442.62 449.79 394.42
Feb 18, 2020 442.61 26.50 6.37% 416.11 448.24 405.16
Feb 17, 2020 416.07 13.38 3.32% 402.69 416.47 376.88