Which cryptocurrencies are affected the most by the exchange rate between pound, dollar, and euro?

1 answers

• Nov 25, 2021 · 3 years ago
  At BYDFi, we've observed that the exchange rate between pound, dollar, and euro can have a significant impact on certain cryptocurrencies. While the exact cryptocurrencies affected the most may vary over time, historically, Bitcoin, Ethereum, and Ripple have shown a higher sensitivity to these currency fluctuations. When the pound, dollar, or euro strengthens, it can lead to a decrease in the value of these cryptocurrencies, as investors may prefer to hold onto their fiat currencies instead. Conversely, when these fiat currencies weaken, it can create a favorable environment for cryptocurrencies, potentially driving up their prices. It's important for traders and investors to closely monitor the exchange rate between these major fiat currencies and the cryptocurrencies they hold, as it can provide valuable insights into potential price movements and market trends.
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