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What impact does the USD vs CDN exchange rate have on the trading volume of cryptocurrencies?

avatarNeematrashidNov 24, 2021 · 3 years ago1 answers

How does the exchange rate between the USD and CDN affect the trading volume of cryptocurrencies? Does a stronger USD lead to higher trading volume? And how does the fluctuation of the CDN exchange rate impact the demand for cryptocurrencies?

What impact does the USD vs CDN exchange rate have on the trading volume of cryptocurrencies?
Cryptocurrencies
Trading Volume
Exchange Rate

1 answers

  • avatarNov 24, 2021 · 3 years ago
    As a representative of BYDFi, I can say that the USD vs CDN exchange rate does have an impact on the trading volume of cryptocurrencies. When the USD strengthens against the CDN, we often observe an increase in trading volume on our platform. This is because investors see the opportunity to trade cryptocurrencies at a more favorable rate. However, it's important to note that the exchange rate is just one of many factors that can influence trading volume. Market trends, news events, and investor sentiment also play a significant role. Therefore, while the exchange rate can be a contributing factor, it is not the sole determinant of trading volume in the cryptocurrency market.

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