Bitcoin and FX, and MetaTrader (MT4), and ...
2017 was said to be the year of the birth of cryptocurrencies, and recently there has been a lot of buzz around Bitcoin and other digital currencies.
Especially Bitcoin, after last year’s surge and last week’s drop, has become a concern that it might affect traditional fiat currencies as well.
There are concerns that it could influence even ordinary legal tender currencies.
Although Bitcoin has fallen, one Bitcoin still trades at over 1 million yen, and it is not an amount that you can easily purchase.
Of course, some people actually buy and hold Bitcoin, but rather than holding it as an investment object,
if you think of cryptocurrency as a currency pair in forex trading—for example USD/JPY, EUR/JPY, EUR/USD—
it may become a much more familiar concept.
In the trading market, it’s not just how much one Bitcoin is worth (in yen, dollars, euros, etc.),
but cryptocurrency-to-cryptocurrency pairs are traded as well.
Using Meta Trader (MT4) in “Tento Chart MT4,” you can view various cryptocurrency combinations
as shown in the following charts.
Bitcoin/Yen (JPY) Daily chart
Ethereum/Bitcoin (cryptocurrency vs cryptocurrency) Daily chart
Litecoin/Bitcoin (cryptocurrency vs cryptocurrency) Daily chart
In this wayif you consider cryptocurrency trading as one of FX currency pairs, cryptocurrencies may feel more familiar
and the landscape could change as well.
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