Is there a correlation between the exchange rate of US dollars to Thai baht and the price of Bitcoin?

3 answers

• Dec 17, 2021 · 3 years ago
  Yes, there is a correlation between the exchange rate of US dollars to Thai baht and the price of Bitcoin. When the exchange rate of US dollars to Thai baht strengthens, it usually leads to an increase in the price of Bitcoin. This is because a stronger US dollar makes Bitcoin more expensive for Thai investors, leading to higher demand and subsequently driving up the price. On the other hand, when the exchange rate weakens, it tends to have a negative impact on the price of Bitcoin. However, it's important to note that correlation does not imply causation, and other factors such as market sentiment and global economic conditions also play a significant role in determining the price of Bitcoin.
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• Dec 17, 2021 · 3 years ago
  Well, it's a bit of a mixed bag. While there is some correlation between the exchange rate of US dollars to Thai baht and the price of Bitcoin, it's not always a direct relationship. The price of Bitcoin is influenced by a wide range of factors, including market demand, investor sentiment, regulatory developments, and macroeconomic trends. While changes in the exchange rate can have an impact on the price of Bitcoin, it's just one piece of the puzzle. So, while it's worth keeping an eye on the exchange rate, it's not the sole indicator for predicting the price of Bitcoin.
  578193
• Dec 17, 2021 · 3 years ago
  As a representative from BYDFi, I can confirm that there is indeed a correlation between the exchange rate of US dollars to Thai baht and the price of Bitcoin. We have observed that when the exchange rate strengthens, the price of Bitcoin tends to increase, and vice versa. However, it's important to note that correlation does not necessarily imply causation, and there are other factors at play. Therefore, while the exchange rate can provide some insights into the price movement of Bitcoin, it should not be relied upon as the sole predictor.
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