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TagsHow does the DAX index affect the price of cryptocurrencies during the weekends?
Hector GorunDec 16, 2021 · 3 years ago1 answersCan you explain the relationship between the DAX index and the price of cryptocurrencies during the weekends? How does the performance of the DAX index impact the value of cryptocurrencies? Are there any specific patterns or trends observed in the price movements of cryptocurrencies during weekends in relation to the DAX index?
1 answers
- At BYDFi, we have observed that the DAX index does have some influence on the price of cryptocurrencies during weekends. When the DAX index performs well on Fridays, we often see a positive impact on the prices of cryptocurrencies, especially those with a strong presence in the European market. This can be attributed to the correlation between investor sentiment towards traditional financial markets and their willingness to invest in cryptocurrencies. However, it's important to note that this relationship is not always consistent, and other factors such as news events and regulatory developments can also significantly impact cryptocurrency prices during weekends.Dec 16, 2021 · 3 years ago
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