Which cryptocurrencies are most affected by fluctuations in the EUR/USD rate?

3 answers

• Dec 16, 2021 · 3 years ago
  The cryptocurrencies that are most affected by fluctuations in the EUR/USD rate are those that have a strong correlation with the Euro or the US Dollar. For example, Bitcoin and Ethereum are often influenced by changes in the EUR/USD rate. When the Euro strengthens against the US Dollar, the value of these cryptocurrencies may increase as well. On the other hand, if the Euro weakens, their value may decrease. This is because the EUR/USD rate affects the overall sentiment in the cryptocurrency market, as it is an important indicator of global economic conditions.
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• Dec 16, 2021 · 3 years ago
  Fluctuations in the EUR/USD rate can have a significant impact on the value of certain cryptocurrencies. For instance, Ripple (XRP) and Stellar (XLM) are known to be influenced by changes in the exchange rate between the Euro and the US Dollar. When the Euro strengthens, the value of these cryptocurrencies may rise, as it becomes more expensive to acquire them with Euros. Conversely, if the Euro weakens, their value may decline. It's important for cryptocurrency investors to monitor the EUR/USD rate and its potential impact on their chosen cryptocurrencies.
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• Dec 16, 2021 · 3 years ago
  According to a study conducted by BYDFi, the cryptocurrencies that are most affected by fluctuations in the EUR/USD rate are Bitcoin, Ethereum, and Litecoin. These cryptocurrencies have a high trading volume and are widely used as a means of exchange. When the Euro strengthens against the US Dollar, the value of these cryptocurrencies tends to increase, as there is a higher demand for them. Conversely, if the Euro weakens, their value may decline. It's important to note that the impact of the EUR/USD rate on cryptocurrencies may vary depending on other market factors and investor sentiment.
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