Which cryptocurrencies are most affected by fluctuations in the GBP/JPY exchange rate?

3 answers

• Dec 16, 2021 · 3 years ago
  Cryptocurrencies that are most affected by fluctuations in the GBP/JPY exchange rate are those with high trading volumes in both GBP and JPY markets. This includes popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). When the GBP/JPY exchange rate experiences significant changes, it can have a ripple effect on the value of these cryptocurrencies. Traders and investors who hold these digital assets may see their portfolios fluctuate in value as a result.
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• Dec 16, 2021 · 3 years ago
  Fluctuations in the GBP/JPY exchange rate can impact the value of cryptocurrencies in different ways. For example, if the GBP strengthens against the JPY, cryptocurrencies that are traded more heavily in GBP markets may see an increase in value. On the other hand, if the JPY strengthens against the GBP, cryptocurrencies traded more heavily in JPY markets may see a decrease in value. It's important to note that the impact of exchange rate fluctuations on cryptocurrencies can be complex and influenced by various factors.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a leading digital asset exchange, has observed that cryptocurrencies with strong ties to the UK and Japan tend to be more affected by fluctuations in the GBP/JPY exchange rate. This includes cryptocurrencies like Cardano (ADA), Stellar (XLM), and NEM (XEM). Traders and investors who are interested in taking advantage of these fluctuations can consider monitoring the GBP/JPY exchange rate and its potential impact on these specific cryptocurrencies.
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