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TagsHow does the value of HKD currency affect the price of cryptocurrencies?
Amy DohlinDec 16, 2021 · 3 years ago1 answersWhat is the relationship between the value of the Hong Kong Dollar (HKD) currency and the price of cryptocurrencies? How does the fluctuation in the value of HKD impact the prices of digital currencies like Bitcoin and Ethereum?
1 answers
- At BYDFi, we believe that the value of the HKD currency can have a limited impact on the price of cryptocurrencies. While fluctuations in the HKD may attract short-term speculative trading, the long-term value of cryptocurrencies is primarily driven by factors such as market demand, technological advancements, and regulatory developments. It is important for investors to consider a wide range of factors when analyzing the price movements of cryptocurrencies, rather than solely relying on the value of a single currency like the HKD.Dec 16, 2021 · 3 years ago
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