Which cryptocurrencies are most affected by fluctuations in the USD to TRY exchange rate?

3 answers

• Nov 28, 2021 · 3 years ago
  Cryptocurrencies that are most affected by fluctuations in the USD to TRY exchange rate are usually those that have a high trading volume in the Turkish market. This includes popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Since the USD to TRY exchange rate directly impacts the purchasing power of Turkish investors, any significant changes in the exchange rate can lead to a surge or decline in the demand for these cryptocurrencies. Therefore, their prices are more likely to be influenced by fluctuations in the USD to TRY exchange rate.
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• Nov 28, 2021 · 3 years ago
  The impact of the USD to TRY exchange rate on cryptocurrencies can vary depending on the overall market conditions and investor sentiment. However, some cryptocurrencies that have shown a higher correlation with the USD to TRY exchange rate include Litecoin (LTC), Bitcoin Cash (BCH), and Cardano (ADA). These cryptocurrencies have demonstrated a tendency to move in tandem with the fluctuations in the USD to TRY exchange rate, making them more susceptible to its impact. It's important to note that while these cryptocurrencies may be influenced by the exchange rate, other factors such as market demand and global economic trends also play a significant role in determining their price movements.
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• Nov 28, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, has observed that cryptocurrencies with a strong presence in the Turkish market, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), are particularly affected by fluctuations in the USD to TRY exchange rate. This is because Turkish investors heavily rely on these cryptocurrencies for their investment and trading activities. As a result, any changes in the USD to TRY exchange rate can have a direct impact on the demand and price of these cryptocurrencies. Therefore, it's crucial for traders and investors to closely monitor the exchange rate and its potential effects on these cryptocurrencies when making investment decisions.
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