Factors that can affect the Bitcoin price in South Africa

Bitcoin is well known for its high volatility which basically means that the Bitcoin price keeps changing, sometimes extremely quickly. As your entire trade and profit depend on these price fluctuations and your ability to predict them, you need to know each and every factor that may affect the rates. Yes, there are no guarantees in bitcoin trading and even some of these factors may not always work, but the probability of them affecting your cryptocurrency’s price is extremely high.

So, here are some factors that can affect your bitcoin price and needs to be intricately monitored.

Exchange listing- One of the most critical factors that play a significant role in the Bitcoin pricing is the exchange listing. The history has proven that whenever a large exchange decides to list a cryptocurrency that you might be trading in, there are high probabilities that the price will get affected. Generally, it boosts the price and can be quite advantageous for the traders.

Public hypes- You might be surprised just how affected your bitcoin price can be with a simple public hype. Any rumour or fake tweet, be it positive or negative, can play a massive role in turning the entire market unstable. If you decide to deem the hype unimportant and unworthy and completely ignore it, there is a good chance you will face the consequences. Rather than dismissing the hype as inconsequential, be prepared for a price change.

Upgradation of the software- Any upgradation or changes in the core software can affect your Bitcoin price in South Africa. Bitcoin has already faced one such controversial event where its core software upgradations wad debated. The change in the software was supposed to enhance the transaction speed and improve the user experience. Even the mere talk of such an event, cause quite a price turbulence amongst the bitcoin traders. Such software updates are quite common and therefore needs careful monitoring.

Government regulations- Any new government regulation or decision related to bitcoin trading can have a huge impact on the Bitcoin value. Any decision by the SEC or NFA related to the trading process of any cryptocurrencies will affect and change the bitcoin prices in the market.

Whether you are an experienced player or an amateur new in the world of cryptocurrencies, analysing and monitoring these factors will ensure positive results. Any of these factors can affect your Bitcoin price in South Africa so, be vigilant and make wise decisions.