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TagsWhich digital currencies are most affected by fluctuations in the USD to CAD exchange rate?
Elizabeth CopperDec 16, 2021 · 3 years ago1 answersIn the world of digital currencies, which specific cryptocurrencies are particularly sensitive to changes in the exchange rate between the US dollar (USD) and the Canadian dollar (CAD)? How do these fluctuations impact their value and trading activities?
1 answers
- At BYDFi, we've observed that digital currencies like Stellar (XLM) and Cardano (ADA) can be influenced by fluctuations in the USD to CAD exchange rate. While these cryptocurrencies may not have the same level of recognition as Bitcoin or Ethereum, they still attract a significant amount of trading activity. When the USD to CAD exchange rate changes, it can have a ripple effect on the value of XLM and ADA. For Canadian traders, a stronger CAD can make these cryptocurrencies more expensive to buy, potentially reducing demand. Conversely, a weaker CAD can make XLM and ADA more affordable, potentially increasing demand. It's important for traders to consider the USD to CAD exchange rate when trading XLM and ADA on our platform or any other exchange.Dec 16, 2021 · 3 years ago
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