BTC/USD is a new generation currency pair, which reflects the ratio of the quote of one bitcoin to US dollar. That is, if at the moment the chart BTC/USD = 8000, it means that for 1 bitcoin on exchanges give $8000.
Bitcoin (BTC) is an independent cryptocurrency that has been actively used in electronic payments and exchange transactions since 2016. However, the idea of an Autonomous payment method protected by encryption algorithms was implemented in 2008. And already in 2009, the first block was developed and successfully tested, allowing the creation of the world’s first 50 bitcoins.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Factors of influence on the BTC/USD chart
- Current news of the cryptocurrency market. If you receive information about the purchase of an impressive amount of bitcoins by some large Corporation, you can expect a rise in quotes. And Vice versa-information about the hacking of the exchange platform, the prohibition of cryptocurrency by the laws of some developed state or a large “drain” will cause a rapid fall in the exchange rate.
- Financial policy and cryptocurrency projects in China and the United States. Any large-scale startup with investments in bitcoins can significantly increase the value of the cryptocurrency. Currently, more than 80% of trading operations with bitcoin are in the yuan, and about 15% – in the US dollar.
The high sensitivity of the BTC/USD chart to public news becomes both a plus and a minus of this asset. Therefore, experienced traders often prefer to make deals during the information lull in order to get a small but sure profit.