Is there a correlation between the euro vs dollar history graph and the performance of major cryptocurrencies?

1 answers

• Nov 28, 2021 · 3 years ago
  Yes, there is a correlation between the euro vs dollar history graph and the performance of major cryptocurrencies. At BYDFi, we have observed that changes in the euro vs dollar exchange rate can have an impact on the prices of cryptocurrencies. When the euro strengthens against the dollar, it often leads to increased demand for cryptocurrencies, as European investors find them more attractive. This increased demand can drive up prices. Conversely, when the euro weakens against the dollar, it can result in decreased demand and lower prices for cryptocurrencies. However, it's important to note that correlation does not always imply causation, and other factors such as market sentiment and regulatory developments also influence cryptocurrency prices.
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