OctaFX At 10
OctaFX at 10
Opening 6.6 million Forex trading accounts, delivering 200,000 Trade &Win gifts, gaining over 102,000 social media followers, receiving 44 Forex industry awards, providing services in over 100 countries, and executing 500 million trades on the platform are just a few examples of the company's achievements during this decade.
The fintech company, in honor of this momentous occasion, has put together a list of the ten most significant Forex events of the last decade, which will be of interest to anyone who enjoys learning about the past.
Rarely do trend-defining events take place in isolation, affecting only the Forex market; instead, they invariably encompass and have an impact on the entire financial world.
The following list provides an entertaining overview of the last decade from the unique perspective of OctaFX's founders and employees.
The ‘Flash Crash of 2010’
An event dubbed the "Flash crash of 2010" occurred approximately a year before the founding of OctaFX was announced. A sharp decline in the stock market occurred on May 6, resulting in a loss of approximately $1 trillion USD in a matter of minutes, which was subsequently recovered in the days that followed. The stock market's decline, followed by a rapid recovery, had a significant impact on confidence in the world reserve currency on the foreign exchange market.
The initial public offering (IPO) of Facebook took place in 2012
No other initial public offering (IPO) has captured the attention of the industry and the general public quite like Facebook's IPO in 2012. Those shares were valued at 38 USD on 18 May of that year, generating a total volume of more than 16 billion USD, making it the largest technology initial public offering (IPO) in history at the time. Currently, the price of a Facebook share is hovering around 341 US dollars as of July 20, 2021.
BREXIT OUTCOME IN 2016 (including the 2016 flash crash of the GBPUSD pair)
As is now widely known, when the results of the Brexit referendum were announced in June 2016, it caused widespread panic throughout the European Union, the Western world, and even within the United Kingdom's own borders. It was assumed by the vast majority of observers that the British people would vote to remain in the European Union. Despite the fact that the British pound sterling was in an uptrend just before the referendum results were announced, the currency pair GBPUSD ended the day with an 8 percent loss.
The price of oil collasped in 2016
Crude oil prices fluctuated between 75 and 115 dollars per barrel for the majority of the first half of the decade of 2010. This extended period of high oil prices resulted in a boom in shale oil production in the United States, as well as a complete revolution in fracking technology throughout the world. In 2014, the United States increased its oil production by nearly 100% compared to 2008 levels, resulting in a severe supply glut in the market. In 2016, the West Texas Intermediate (WTI) crude oil price fell to nearly 26 USD per barrel, the lowest level since 2007. As oil stocks continued to struggle, this became a recurring pattern in the second half of the previous decade.
The Donald Trump phenomenon
In the 2016 United States presidential election, Republican candidate Donald J. Trump defeated Democrat candidate and former United States Secretary of State Hillary R. Clinton by a wide margin. In addition to having a significant impact on the global political landscape, this event also left an indelible mark on the financial sector. One of the most significant actions taken by the Trump administration was the passage of legislation that resulted in 1.5 trillion dollars in tax cuts in 2017, which resulted in an increase in domestic corporate profits of more than 16 percent a year later.
OctaFX believed that President Donald Trump's occasionally erratic Twitter feed deserved to be singled out for special attention. He chose to publish his thoughts on the most contentious issues, such as the Iran nuclear deal, relations with North Korea, Syrian civil war and the Middle East in general, often surprising the majority of people who read his writings. President Donald Trump's unpredictable political persona was accentuated by his use of the American microblogging network Twitter, which had a significant impact on sentiment in the financial markets.
The value of the USDJPY and the AUDUSD pair (flash crash)
Apple's official statement, made in January of that year, is thought to have been the catalyst for the flash crash. Traders sold more volatile currencies, including the Australian dollar, as a result of the Chinese economy's stuttering, according to the tech behemoth. There were many other people who jumped on the Japanese yen as well, as is often the case when confidence in the Chinese economy and, consequently, in the government of its largest trading partner, the Australian government, begins to dwindle.
Profits could be made by anyone in the professional trading community who had the appropriate analytical perspective and strategic assessment skills to capitalize on the consequences of this "flash crash."
The election of Joe Biden to the office of President of the United States
The incumbent president, Donald Trump, who was eager to retain his position, was defeated by his Democratic opponent in the midst of the world's worst pandemic. After much controversy and political drama, as well as widespread uncertainty in society and markets, Joe Biden was elected vice president, setting a new record for the first presidential candidate to receive more than 80 million votes. Biden's victory came amid widespread uncertainty in society and markets.
The 'Black Swan Event' in cryptocurrency will occur in March 2020
Bitcoin, the mother of all cryptocurrencies, has dropped to nearly 3,500 USD per coin, representing a loss of approximately 80% of its value from its previous all-time high of nearly 20,000 USD per coin (December 2017). Ethereum, on the other hand, has plummeted to 86 USD from an all-time high of nearly 1,500 USD, effectively wiping out the entire altcoin market. Until recently, only a handful of people could have predicted that the most extensive bull run in cryptocurrency history would begin in just a few months' time. Experts are unanimous in their belief that the coronavirus outbreak was the primary cause of the plane crash.
Pandemic of Coronaviruses from 2020 to the present
In the end, but certainly not least, and perhaps most importantly, there was the global pandemic that altered and continues to alter the course of human history. The impact of the COVID-19 pandemic and subsequent political and economic measures on legacy finances, particularly the fluctuating confidence in the United States dollar's status as world reserve currency, has been extensively documented.
OctaFX wishes you a pleasant viewing experience with its selections. As previously stated, this is by no means an exhaustive list of trends, and should any significant events or trends be overlooked by the fintech company, they will undoubtedly be included in a future publication.
