The cryptocurrency that started its own road on the market in 2009 has continued a route that is outlined to be much more successful during 2017. Bitcoin has positioned much higher than U.S Dollar on Forex, for those who do not know what Forex means is the acronym of the two words Foreign Exchange, which is referred to exchange rates and currency converter.
Also for those who don’t know what Bitcoin is, this currency is known for being a network payment. Bitcoin is an electronic payment based on a mathematical system proof which has low operation fees.
The purchase and sell is made on currency trading by investors and speculators who make worldwide currency projections, based on two strategy types: the technical analysis, and the fundamental analysis.
Technical analysis: it is composed by three forecasts, which are basically focused on the recent prices behavior of certain currencies on the foreign Exchange market to predict whether its acquisition is favorable or not.
Fundamental analysis: It is based on a much wider and general approach that surrounds foreign Exchange, such as its economy, politics, tourism, and important events that might affect or beneficiate such currency. Focused on those points, the investor makes a decision whether buy or sell the currency.
Even though U.S Dollar, in the middle of December seemed to take a break on Forex, this happened when there was a pressure on the European Exchange: The Euro, when that currency fell towards the American currency, however, the Euro reacted soon, by locating $1.04 on Wall Street indexes. The U.S Dollar also slowed the rise of the Sterling Pound, the Japanese Yen, and the AUS Dollar, but the Bitcoin made a definite hit on the American currency.
Before Christmas holidays, the Bitcoin was positioned on the highest record levels up to date, which set new historical highs on Forex. The Bitcoin reached $854 in European session, leaving aside the temporary relief that the American currency experienced.
The historical Bitcoin rising came after passing through important security reforms during August, and after a group of hackers stole around 120.00 coin valued in approximately $65 million.
But this is not going to be the highest Bitcoin point, that during the opening of the markets in 2017, was placed over $1.000 in its crossing with the American currency.
The Bitcoin record levels have come to their highest point since 2013 on the Forex market, as whereby it has become on the main investors’ bet.
The Bitcoin rising has been possible due to the high demand of this cryptocurrency in China, this happened after RMB has fallen madly. Because of the rising of the demand, the authorities from the Asian nation are considering to implement measures that work as regulatory policies in order to move the cryptocurrency on foreign platforms.
Nevertheless, U.S Dollar keeps firmly towards other known currencies, such as Pound Sterling (usually known as the British Pound or Pound), Euro, and Australian Dollar, at least during the beginning of 2017.