Is there a correlation between the exchange rate from dollar to ringgit and the price of Bitcoin?

3 answers

• Nov 24, 2021 · 3 years ago
  Yes, there can be a correlation between the exchange rate of the US dollar to the Malaysian ringgit and the price of Bitcoin. When the exchange rate of the US dollar strengthens against the Malaysian ringgit, it can lead to an increase in the price of Bitcoin in Malaysia. This is because a stronger US dollar makes Bitcoin relatively cheaper for Malaysian investors, which can drive up demand and subsequently the price. However, it's important to note that correlation does not necessarily imply causation, and other factors such as market sentiment and global Bitcoin trends can also influence its price.
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• Nov 24, 2021 · 3 years ago
  Absolutely! The exchange rate between the US dollar and the Malaysian ringgit can definitely impact the price of Bitcoin. When the US dollar strengthens against the ringgit, it can make Bitcoin more expensive for Malaysians, potentially leading to a decrease in demand and a drop in price. On the other hand, if the ringgit strengthens against the US dollar, Bitcoin can become relatively cheaper, which may attract more investors and drive up its price. So, keep an eye on the exchange rate if you're interested in Bitcoin's price movements in Malaysia!
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• Nov 24, 2021 · 3 years ago
  As an expert in the field, I can confirm that there is indeed a correlation between the exchange rate from the US dollar to the Malaysian ringgit and the price of Bitcoin. When the US dollar strengthens against the ringgit, it can make Bitcoin more affordable for Malaysian investors, which can potentially lead to an increase in demand and drive up its price. However, it's important to consider that correlation does not necessarily imply causation, and other factors such as market sentiment and global Bitcoin trends also play a significant role in determining its price. If you're interested in trading Bitcoin, it's crucial to analyze multiple factors and not solely rely on the exchange rate.
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