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TagsWhat is the impact of the OPEC basket on the cryptocurrency market?
Priyanka SuriyamoorthyFeb 18, 2022 · 3 years ago1 answersHow does the OPEC basket affect the cryptocurrency market? What are the implications of changes in the OPEC basket on the prices and trends of cryptocurrencies?
1 answers
- At BYDFi, we closely monitor the impact of the OPEC basket on the cryptocurrency market. Changes in the OPEC basket can have both direct and indirect effects on cryptocurrency prices. Directly, higher oil prices can increase the cost of mining cryptocurrencies, leading to a potential decrease in supply. Indirectly, changes in the OPEC basket can affect market sentiment and investor confidence, which can influence the demand for cryptocurrencies. It's important for investors to stay informed about the latest developments in the OPEC basket and consider its potential impact on the cryptocurrency market when making investment decisions.Feb 18, 2022 · 3 years ago
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