Bitcoin (BTC/USD) overview
Bitcoin is the first and largest cryptocurrency by market capitalisation. It trades 24 hours a day, 7 days a week with no exchange holidays — one of the few major instruments that’s never closed.
The market structure is fragmented: BTC trades on hundreds of exchanges (Binance, Coinbase, Kraken, Bitstamp, Bybit, OKX, Bitfinex), with arbitrage keeping prices typically within 0.1-0.3% across venues.
What moves BTC
- Macro liquidity — Fed balance sheet, global M2 growth (medium-term)
- ETF flows — US spot Bitcoin ETFs (IBIT, FBTC, etc.) launched January 2024
- Halving cycles — supply schedule halves every ~4 years (2012, 2016, 2020, 2024)
- Regulatory news — SEC enforcement actions, EU MiCA implementation
- Whale flows — large on-chain transfers, exchange inflows/outflows
Trading BTC: CFD vs. spot
- CFDs (via Pepperstone, Capital.com, FxPro) — leverage up to 1:2 (EU retail), no custody, no on-chain hassle
- Spot (Binance, Coinbase, Kraken) — actual BTC ownership, can withdraw to self-custody, full upside but you bear key-management risk
EU traders should be aware of MiCA regulation (in force since 2024) which requires crypto-asset service providers to be authorised — most major exchanges have or are obtaining authorisation.
Typical spread
BTC CFDs at tier-1 brokers quote spreads of 0.5-1.5% of price during active hours (vs. ~0.05-0.10% on spot exchanges). The leverage on CFD platforms typically compensates for the wider spread.
