How does the conversion rate between dollar and yen affect the value of cryptocurrencies?

1 answers

• Mar 31, 2022 · 3 years ago
  As an expert in the field, I can tell you that the conversion rate between the US dollar and the Japanese yen is a critical factor that affects the value of cryptocurrencies. When the US dollar strengthens against the Japanese yen, it can lead to an increase in the value of cryptocurrencies. This is because a stronger dollar makes cryptocurrencies more expensive for Japanese investors, which can create a buying frenzy and drive up prices. Conversely, if the Japanese yen strengthens against the US dollar, it can lead to a decrease in the value of cryptocurrencies as they become cheaper for Japanese investors. Therefore, it's important to keep an eye on the exchange rate between the dollar and yen when investing in cryptocurrencies.
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