Which cryptocurrencies are most affected by the USD/JPY exchange rate movements today?

3 answers

• Dec 15, 2021 · 3 years ago
  The USD/JPY exchange rate can have a significant impact on certain cryptocurrencies. Cryptocurrencies that have a strong correlation with the Japanese yen, such as XRP and Monacoin, are likely to be most affected by fluctuations in the USD/JPY exchange rate. This is because changes in the exchange rate can influence the demand for these cryptocurrencies in Japan, which in turn affects their value. It's important for traders and investors to keep an eye on the USD/JPY exchange rate when considering these cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  When it comes to the USD/JPY exchange rate and its impact on cryptocurrencies, it's important to consider the overall market sentiment. While some cryptocurrencies may have a direct correlation with the exchange rate, others may be more influenced by broader market trends. For example, Bitcoin, as the largest and most well-known cryptocurrency, is often seen as a safe haven asset and may not be as affected by short-term fluctuations in the USD/JPY exchange rate. It's crucial to analyze multiple factors when assessing the impact of the exchange rate on cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, provides a wide range of cryptocurrencies that can be affected by the USD/JPY exchange rate movements. Cryptocurrencies such as Bitcoin, Ethereum, and Ripple have shown sensitivity to changes in the exchange rate between the US dollar and the Japanese yen. Traders can take advantage of these fluctuations by carefully monitoring the exchange rate and making informed trading decisions. It's important to note that the impact of the exchange rate on cryptocurrencies can vary and may be influenced by other factors as well.
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