Which cryptocurrencies are most affected by changes in the dollar to rupee exchange rate?

3 answers

• Nov 26, 2021 · 3 years ago
  The impact of changes in the dollar to rupee exchange rate on cryptocurrencies can vary. However, cryptocurrencies with a strong presence in India, such as Bitcoin and Ethereum, are likely to be more affected. This is because a significant portion of cryptocurrency trading volume comes from India, and any changes in the exchange rate can influence the buying and selling behavior of Indian investors. Additionally, cryptocurrencies that have a direct trading pair with the rupee, such as Ripple (XRP) and Tether (USDT), may also experience greater impact.
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• Nov 26, 2021 · 3 years ago
  When it comes to the impact of the dollar to rupee exchange rate on cryptocurrencies, it's important to consider the overall market sentiment and investor behavior. While some cryptocurrencies may be more directly influenced by changes in the exchange rate, others may be driven by different factors such as market demand, technological advancements, or regulatory developments. Therefore, it's crucial to analyze the specific dynamics of each cryptocurrency and its relationship with the Indian market to determine the extent of impact.
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• Nov 26, 2021 · 3 years ago
  According to a recent analysis by BYDFi, a leading cryptocurrency exchange, the cryptocurrencies most affected by changes in the dollar to rupee exchange rate are Bitcoin, Ethereum, Ripple, and Tether. These cryptocurrencies have shown a higher correlation with the exchange rate fluctuations, indicating a stronger impact on their prices. However, it's important to note that the overall volatility and market conditions can also play a significant role in determining the impact of the exchange rate on cryptocurrencies.
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