Which cryptocurrencies are most affected by changes in the USD/CAD exchange rate?

3 answers

• Dec 15, 2021 · 3 years ago
  The cryptocurrencies that are most affected by changes in the USD/CAD exchange rate are typically those that have a strong correlation with the USD or CAD. For example, cryptocurrencies like Bitcoin and Ethereum, which are widely traded against the USD, tend to be more influenced by changes in the USD/CAD exchange rate. This is because any fluctuations in the USD/CAD rate can indirectly affect the value of these cryptocurrencies. Additionally, cryptocurrencies that are primarily traded on Canadian exchanges may also be more impacted by changes in the USD/CAD exchange rate due to the direct influence of the CAD on their value. In summary, cryptocurrencies with strong ties to the USD or CAD, as well as those primarily traded on Canadian exchanges, are likely to be the most affected by changes in the USD/CAD exchange rate.
  832416
• Dec 15, 2021 · 3 years ago
  When it comes to the impact of the USD/CAD exchange rate on cryptocurrencies, it's important to consider the trading volume and liquidity of each cryptocurrency. Cryptocurrencies with higher trading volume against the USD or CAD are more likely to be affected by changes in the exchange rate. Additionally, cryptocurrencies that have a significant presence in the Canadian market may also be more influenced by fluctuations in the USD/CAD rate. It's worth noting that the impact of the exchange rate can vary depending on market conditions and investor sentiment. To summarize, cryptocurrencies with high trading volume against the USD or CAD, as well as those with a strong presence in the Canadian market, are likely to experience the most impact from changes in the USD/CAD exchange rate.
  792264
• Dec 15, 2021 · 3 years ago
  At BYDFi, we believe that all cryptocurrencies can be affected by changes in the USD/CAD exchange rate to some extent. However, the degree of impact may vary depending on factors such as market liquidity, trading volume, and investor sentiment. Cryptocurrencies that have a strong correlation with the USD or CAD, either through direct trading pairs or market influence, are generally more susceptible to changes in the exchange rate. In conclusion, while all cryptocurrencies can be influenced by changes in the USD/CAD exchange rate, those with strong ties to the USD or CAD are likely to experience a greater impact.
  620155