Trading BTC to SGD
BTC to SGD is a pair composed of a popular cryptocurrency and a fiat currency. Unlike some countries which impose tight regulations, Singapore has relatively lax legislation for cryptocurrencies, the state is consequently a favourite destination for much of the blockchain industry. In such an environment you can convert BTC to SGD rather easily as there are different exchanges available.
The long-term movement during the last couple of years shows a steady upward trend while in the shorter run, BTC/SGD breaks through the support and resistance levels regularly. Consequently, BTC to SGD can be particularly appealing for breakthrough traders. The price movements create opportunities for taking long and short positions.
What is Bitcoin?
Since its introduction in 2008, the Bitcoin has had a significant impact on financial markets and trading in general. 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 the base 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 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.
- In some stores, you can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- The 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 the Singaporean Dollar (SGD)?
The Singaporean Dollar (SGD) is the official currency in use in the city-state and island country the Republic of Singapore, since its introduction in 1967. The Monetary Authority of Singapore (MAS) has the responsibility to manage the exchange rate. Thus, it is worth paying attention to the news and announcements from MAS.
In addition, SGD is the currency of one of the wealthiest nations in the world since the country is ranked in the top 10 countries according to the GDP. Also, Singapore is positioned as a financial centre, so it is no surprise that its currency can be found among the top fifteen most traded currencies in the world and among the top five currencies in Asia. Being one of the most actively traded currencies might ensure that there is adequate demand for this currency.
Which factors affect SGD value?
The Singaporean dollar is affected by factors associated with the economic activity and economic indicators of the Singaporean economy. Some of the crucial industries driving the economy of Singapore are the manufacturing, financial services industry, medical technology, clean energy. That means when trading BTC to SGD, aside from technical analysis, you may also consider events and announcements related to these industries, which can also influence the value of SGD.
The monetary easing announcements made by MAS might as well weaken the SGD. Furthermore, the negative performance of the domestic economy and/or economies interrelated with the Singapore economy may adversely affect the value of SGD. When trading Bitcoin to Singaporean dollar, look for potential signals which will indicate appreciation of BTC and the appearance of events which will negatively affect the SGD in the same period.
Moreover, changes in the regulatory framework in other countries, which goes against the usage or trading of cryptocurrencies might potentially impact the Bitcoin to SGD value.
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