The BCH/USD pair comprises Bitcoin Cash and the US Dollar. While USD is the most powerful currency in the world, BCH is the fourth-largest cryptocurrency, born as a hard fork of the Bitcoin blockchain in 2017. It has similar functions to Bitcoin, but transactions are faster in BCH.
UNDERSTANDING THE QUOTE
The base currency in the Bitcoin Cash/ US Dollar forex pair is Bitcoin Cash, while the US Dollar is the quote currency. So, if the BCH/USD pair
is trading at $281.01, you will need 281.01 US Dollars to buy 1 unit of BCH.
IMPORTANT INFLUENCES ON THE BCH/USD PAIR
Here are some important facts to know if you’re planning on trading the BCH/USD pair:
The BCH network protocol and third-party infrastructure have grown robustly in recent times, with 70+ projects and applications already built on the BCH chain in 2019.
thrive on usability cases. The more the number of innovations on the BCH network, the greater will be its value. In addition, the value of BCH depends on market sentiment and breaking news. News regarding cryptocurrency trading, exchange thefts, ICO successes, and failures or regulatory changes impact BCH price. The performance of BTC (Bitcoin) also affects altcoin prices, including that of BCH.
The US Dollar is the reserve currency of the world, with its value being largely driven by macroeconomic fundamentals. But, with the emergence of cryptos, whenever there is increasing economic and political uncertainties, investors tend to flock to digital currencies. So, anything that shakes investor confidence in the fiat markets could drive up BCH price.
ECONOMIC RELEASES THAT IMPACT THE BCHUSD PAIR
- Breaking news
- Regulations on crypto trading
- Mining rate
- Performance of Bitcoin
- Exchange trading volume
- Developments in the BCH community
- News of ICOs, STOs and IEOs based on BCH blockchain
Check out the economic calendar
to stay abreast of news and events.
- The Federal Reserve’s interest rate decision
- Employment data
- Non-Farm Payroll
- CPI (inflation)
- Producer Price Index (PPI)
- Institute for Supply Management (ISM) data
- GDP growth rate
- Retail sales
- Durable goods orders