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

3 answers

• Dec 15, 2021 · 3 years ago
  The value of cryptocurrencies can be influenced by various factors, including the fluctuations in the USD/JPY exchange rate. Cryptocurrencies that are more closely tied to the US dollar or the Japanese yen may experience greater impact. For example, cryptocurrencies like Bitcoin and Ethereum, which are widely traded against the US dollar, may be more affected by changes in the USD/JPY exchange rate. On the other hand, cryptocurrencies with less trading volume against these two currencies may be less influenced by such fluctuations. It's important to note that the relationship between the USD/JPY exchange rate and cryptocurrency values can be complex and may vary over time.
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• Dec 15, 2021 · 3 years ago
  When the USD/JPY exchange rate experiences significant fluctuations, it can have a ripple effect on the cryptocurrency market. Cryptocurrencies that have strong ties to the US or Japanese markets may be more susceptible to these fluctuations. For instance, if the USD strengthens against the JPY, cryptocurrencies like Bitcoin and Ripple, which have a large presence in the US market, may see an increase in value. Conversely, if the JPY strengthens against the USD, cryptocurrencies like Monacoin and NEM, which are popular in Japan, may experience a boost. However, it's important to remember that the cryptocurrency market is highly volatile and influenced by numerous factors, so it's essential to conduct thorough research and analysis before making any investment decisions.
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• Dec 15, 2021 · 3 years ago
  At BYDFi, we've observed that cryptocurrencies with strong ties to the US and Japanese markets are generally more affected by fluctuations in the USD/JPY exchange rate. This is because changes in the exchange rate can impact the buying power of investors in these markets, which in turn affects the demand and value of cryptocurrencies. Cryptocurrencies like Bitcoin, Ethereum, and Ripple, which have significant trading volume against the US dollar and the Japanese yen, are more likely to be influenced by fluctuations in the USD/JPY exchange rate. However, it's important to note that the cryptocurrency market is highly volatile, and other factors such as market sentiment and regulatory developments can also play a significant role in determining cryptocurrency values.
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