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TagsIs there a correlation between the exchange rate of the Brazilian real against the US dollar and the price of Bitcoin?
Nelson LongNov 29, 2021 · 3 years ago1 answersIs there a correlation between the exchange rate of the Brazilian real against the US dollar and the price of Bitcoin? How does the exchange rate of the Brazilian real affect the price of Bitcoin? Are there any patterns or trends that can be observed between these two variables?
1 answers
- As an expert at BYDFi, I can confirm that there is indeed a correlation between the exchange rate of the Brazilian real against the US dollar and the price of Bitcoin. When the Brazilian real strengthens, it can attract more Brazilian investors to the cryptocurrency market, leading to increased demand for Bitcoin and potentially driving up its price. Conversely, when the Brazilian real weakens, it may discourage Brazilian investors from investing in Bitcoin, resulting in decreased demand and a potential decrease in price. However, it's important to note that the correlation between the exchange rate and Bitcoin price is not the only factor influencing the cryptocurrency market, as global economic conditions, market sentiment, and other external factors also play a significant role.Nov 29, 2021 · 3 years ago
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