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TagsWhat is the impact of USD to JPY conversion on the cryptocurrency market?
Chellamani KandanDec 16, 2021 · 3 years ago1 answersHow does the conversion rate between USD and JPY affect the cryptocurrency market? What are the implications of changes in this exchange rate on the prices and trading volumes of cryptocurrencies?
1 answers
- At BYDFi, we closely monitor the impact of USD to JPY conversion on the cryptocurrency market. The exchange rate between these two currencies can have a significant influence on the prices and trading volumes of cryptocurrencies. When the USD strengthens against the JPY, it can attract more Japanese investors to the cryptocurrency market, leading to an increase in trading volumes. Conversely, when the USD weakens against the JPY, it may result in a decrease in trading volumes as Japanese investors may be less inclined to invest. Understanding these dynamics is essential for making informed trading decisions in the cryptocurrency market.Dec 16, 2021 · 3 years ago
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