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Trading BTC/EUR: What to consider

Bitcoin is the world’s first cryptocurrency and largest by market cap. After it was introduced in 2009, it gradually became more and more widespread, eventually becoming the harbinger of the cryptocurrency and blockchain industries. While initially being mostly traded against the USD and other cryptocurrencies, more financial instruments that pair it with other currencies emerged later - such as the BTC/EUR, which pairs it with the Euro.

The Euro is official currency of the European Union, used in 19 of its 28 member states. Leaning on some of the world’s largest economies, the Euro is used in global markets for everything from stock trading to commodity futures. Naturally, it has also become a popular currency of choice for those who want to buy and sell Bitcoin. Trader who are based in Europe may be more inclined to use it for purchasing crypto, as it is more familiar to them than other fiat currencies.

A simple explanation of how BTC/EUR pair trading works is this: Traders who believe Bitcoin will rise in value against the Euro should open a long (BUY) position and those who believe the opposite should open a short (SELL) position.

Who should include BTC/EUR in their portfolios?

  1. European crypto traders: Pairing BTC with the Euro gives European traders and investors the ability to buy the cryptocurrency with their own, native currency, perhaps contributing to their feeling of comfort and security when investing in Bitcoin.

  2. Currency traders: The currency market is the largest in the world, with trillions of dollars changing hands on a daily basis. Traders who focus on trading currencies might want to include Bitcoin in their portfolios and add diversity with the BTC/EUR financial instrument.

  3. Short term traders: Both cryptocurrencies and currencies often show great volatility, with the former sometimes showing double digit price movements over the course of a single day. These fluctuations could be used by day traders who aim to generate profit over a short period of time.

  4. Long term investors: Since its inception, Bitcoin has been gradually increasing in value, peaking in late 2017 and early 2018. Those who believe Bitcoin would continue to rise in value, could add BTC/EUR to their portfolios as a long term investment.

What drives the BTC/EUR pair’s price?

Being of different asset classes (cryptocurrencies and currencies), Bitcoin and the Euro are exposed to different factors which could impact their prices. When trading this financial instrument, it is important to understand how BTC/EUR trading affects the crypto/fiat market. Each side of the currency pair could be influenced by various factors, and here are a few worth noting:

  1. The cryptocurrency market: Bitcoin is considered the bellwether of the cryptocurrency market, and as such, could serve as a catalyst for bearish or bullish trends. In contrast, it could also be affected by these changes, rising or declining in value, subsequently impacting the BTC/EUR chart.

  2. Mainstream market volatility: Since the Euro is widely used in the EU, it could become volatile following major financial events, such as a rate decision announcement by the European Central Bank. If the impact is negative, traders might try to capitalize on the volatility by using Euro to buy BTC, impacting both sides of the BTC/EUR financial instrument.

  3. Crypto regulations in Europe: Being the newest of all high-volume financial markets, cryptocurrencies still operate in a regulatory grey area. However, if regulations were put into place in Europe, such as ones clarifying its status as a financial instrument or putting in place taxation limitation, it could impact crypto prices.

Bitcoin and the European economy

Like all cryptocurrencies, Bitcoin has gone mostly unregulated in Europe. In contrast to other financial instruments, regulatory authorities did not give any regulatory requirements, or protection, for crypto trading platforms and their traders. However, cryptocurrencies and their underlying blockchain technology did raise quite a bit of attention.

There have been calls made by EU officials to support blockchain technology and promote its development in the European continent. While blockchain could be used for a variety of applications, including identity theft prevention, communication protocols and more, the original use of transaction verification on its own is a major advancement.

Although it is unlikely that Bitcoin will become the official currency of any European nation, its mere existence serves as a prominent use case for blockchain-based currencies, and the EU could promote the development of similar platforms to be used for transferring existing fiat currencies, such as the Euro.

History of Bitcoin

Launched in 2009, Bitcoin is the first massive use-case of blockchain, which demonstrated the technology’s ability of verifying money transfers quickly and efficiently without the need of 3rd party approval (such as a bank). The creator of Bitcoin was an individual or group of individuals using the pseudonym Satoshi Nakamoto - and their identity remains unknown to this day.

Initially, Bitcoin only caught the attention of technology enthusiasts and early adopters and the value of each BTC token was extremely low. However, over the years the cryptocurrency grew in circulation and popularity, and rising demands caused its price to skyrocket, reaching almost $20,000 per coin at its peak.

Bitcoin also paved the way to hundreds of other cryptocurrencies, while retaining its spot as the largest by market cap. From its humble beginnings, Bitcoin rose to become a powerhouse financial asset, with an overall market cap in the hundreds of billions.

Conclusion: BTC/EUR could become a popular instrument

While USD is one of the most popular currencies with which Bitcoin is paired, it is definitely not the only one. European traders may be more inclined to use their own currency when trading and investing in Bitcoin, since it is “close to home” and they could follow the factors which afffect its price more closely. As more such pairs are introduced on various trading platforms and exchanges, the dominance of the USD as the fiat currency used in crypto markets could diminish, giving way to other popular currencies, such as the Euro.

*This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

*Past performance is not an indication of future results. Your capital is at risk

*Trading cryptocurrencies is not supervised by any EU regulatory framework.