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What impact does the USD to GBP exchange rate have on the price of popular cryptocurrencies like Bitcoin and Ethereum?

avatarThirupataiahDec 16, 2021 · 3 years ago1 answers

How does the fluctuation of the USD to GBP exchange rate affect the value of widely-used cryptocurrencies such as Bitcoin and Ethereum?

What impact does the USD to GBP exchange rate have on the price of popular cryptocurrencies like Bitcoin and Ethereum?
Cryptocurrencies
USD To GBP Exchange Rate
Bitcoin

1 answers

  • avatarDec 16, 2021 · 3 years ago
    At BYDFi, we understand the relationship between the USD to GBP exchange rate and the price of popular cryptocurrencies like Bitcoin and Ethereum. When the USD strengthens against the GBP, it usually leads to an increase in the price of Bitcoin and Ethereum. This is because a stronger USD makes it more expensive for GBP holders to buy cryptocurrencies denominated in USD, which creates higher demand for Bitcoin and Ethereum. On the other hand, when the USD weakens against the GBP, it generally results in a decrease in the price of Bitcoin and Ethereum. This is because a weaker USD makes it cheaper for GBP holders to buy cryptocurrencies denominated in USD, leading to lower demand and potentially lower prices for Bitcoin and Ethereum.

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