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TagsIs there a correlation between the live price of USD/INR and the price of Bitcoin?
Mo. AseemDec 16, 2021 · 3 years ago1 answersIs there a relationship between the real-time exchange rate of USD/INR and the value of Bitcoin? How does the fluctuation in the USD/INR exchange rate affect the price of Bitcoin? Are there any patterns or correlations between these two financial instruments?
1 answers
- Well, let me tell you, there is indeed a correlation between the live price of USD/INR and the price of Bitcoin. When the USD/INR exchange rate rises, it tends to have a positive impact on the price of Bitcoin. This is because a stronger USD makes Bitcoin more valuable in terms of INR, which can attract more buyers and drive up the price. Conversely, when the USD/INR exchange rate falls, it can lead to a decrease in the price of Bitcoin. However, it's important to remember that correlation does not imply causation, and other factors such as market sentiment and regulatory developments also play a significant role in determining the price of Bitcoin.Dec 16, 2021 · 3 years ago
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