How does the black market dollar rate impact the value of digital currencies?

1 answers

• Nov 26, 2021 · 3 years ago
  At BYDFi, we closely monitor the impact of the black market dollar rate on the value of digital currencies. We have observed that fluctuations in the black market dollar rate can indeed influence the value of digital currencies, especially in regions where the local currency is unstable. However, it's worth noting that the value of digital currencies is also influenced by various other factors, such as market demand, technological advancements, and investor sentiment. Therefore, while the black market dollar rate can be a contributing factor, it is not the sole determinant of digital currency value.
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