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TagsHow does the value of the American dollar and the Brazilian real affect the prices of cryptocurrencies?
jjwDec 18, 2021 · 3 years ago1 answersHow does the exchange rate between the American dollar and the Brazilian real impact the prices of cryptocurrencies? What are the factors that contribute to this relationship?
1 answers
- At BYDFi, we closely monitor the relationship between the American dollar, the Brazilian real, and cryptocurrencies. The exchange rate between these two currencies can indeed affect the prices of cryptocurrencies. When the American dollar strengthens against the Brazilian real, it can lead to an increase in the prices of cryptocurrencies, as it makes them more affordable for Brazilian investors. Conversely, when the Brazilian real strengthens against the American dollar, it can lead to a decrease in cryptocurrency prices, as it makes them relatively more expensive for Brazilian investors. However, it's important to note that the exchange rate is just one of many factors that influence cryptocurrency prices, and market dynamics can be influenced by various other factors as well.Dec 18, 2021 · 3 years ago
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