The most tradable crypto-currency Bitcoin (BTC), which so far shows the highest volume of market capitalization, already changed its trading trend last week and its exchange value increased. At the beginning of the new trading week, which is marked in the calendar of this year 2023 as the fortieth in order during the current course of Monday, October 2, 2023, this virtual currency Bitcoin (BTC) showed a daily increase of + 4.50% of its previous rate against the US dollar (USD). This percentage actually represents an increase in BTC value of roughly $1,200 per Bitcoin over the course of a single trading day.
Currently, during the European afternoon of Monday October 2nd, 2023, at approximately 15:10 CET, this virtual currency Bitcoin (BTC) against the US dollar (USD) was trading at a mutual exchange rate of USD 28,334.75 per BTC with BTC gaining +4.52% against the USD on the day so far. This exchange rate was achieved in a situation where the exchange value of the US dollar (USD) continued to strengthen and on the indicated day and time the value of the USD according to the dollar index DXY (US Dollar Currency Index) was at the point value of USD 106.58 points with the previous daily strengthening by + 0.34% of the point value according to this index, which compares the value of the USD with another six major world currencies. In this situation, the so-called global currency pair EUR/USD traded at a mutual exchange rate at a value of 1.053 USD per EUR with a daily decrease of EUR by -0.407% against the USD.
Bitcoin (BTC) is an Internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of Bitcoins is known in advance and the release of Bitcoins into circulation is defined in the source code of the network. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade.
Thanks to a special database that stores an ever-increasing number of records, this technology is called blockchain, which serves as Bitcoin’s ledger. The online database is protected both against unauthorized intervention from the outside and from the users themselves. The final amount of Bitcoins is known in advance and their release into circulation is defined in its source code. A unique feature of Bitcoin is its complete decentralization. It is designed so that no one, not its author or other individuals, groups or governments, can influence, counterfeit, seize accounts, control money flows or cause inflation this currency. Bitcoin is completely independent of traditional currencies, it is not backed by gold or other commodities, but like other common currencies, its value depends on the trust that it will be possible to pay with it in the future as it is today. The value of Bitcoin is based purely on supply and demand on the market, in short-term periods the exchange rate is characterized by sharp fluctuations.