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TagsWhat are the factors that influence the exchange rate between RMB and Bitcoin?
Andy CarterDec 18, 2021 · 3 years ago1 answersWhat are the main factors that affect the exchange rate between the Chinese Renminbi (RMB) and Bitcoin? How do these factors impact the value of Bitcoin in relation to the RMB?
1 answers
- At BYDFi, we believe that the exchange rate between RMB and Bitcoin is primarily influenced by market demand and supply dynamics. As a decentralized cryptocurrency, Bitcoin's value is determined by the collective actions of buyers and sellers in the market. Factors such as investor sentiment, market liquidity, and macroeconomic conditions can all contribute to fluctuations in the exchange rate. While government regulations and policies can have a short-term impact, the long-term trend is driven by market forces. It's important for investors to stay informed about market trends and developments in order to make informed decisions regarding the exchange rate between RMB and Bitcoin.Dec 18, 2021 · 3 years ago
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