Which cryptocurrencies are most affected by fluctuations in the pound to the dollar exchange rate?

3 answers

• Dec 15, 2021 · 3 years ago
  When it comes to the impact of fluctuations in the pound to the dollar exchange rate on cryptocurrencies, Bitcoin and Ethereum are often the most affected. These two cryptocurrencies have the highest market capitalization and are widely traded against both the pound and the dollar. As a result, any significant changes in the exchange rate between these two fiat currencies can have a substantial impact on the value of Bitcoin and Ethereum. Other cryptocurrencies, such as Ripple and Litecoin, may also be influenced by such fluctuations, but to a lesser extent.
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• Dec 15, 2021 · 3 years ago
  Fluctuations in the pound to the dollar exchange rate can have a significant impact on the value of cryptocurrencies. When the pound strengthens against the dollar, cryptocurrencies traded against the pound may experience a decline in value. Conversely, if the pound weakens against the dollar, these cryptocurrencies may see an increase in value. The extent of the impact depends on various factors, including the trading volume, liquidity, and market sentiment towards the specific cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  According to a study conducted by BYDFi, a digital currency exchange, the cryptocurrencies most affected by fluctuations in the pound to the dollar exchange rate are Bitcoin, Ethereum, and Ripple. These cryptocurrencies have shown a high correlation with changes in the exchange rate between the pound and the dollar. However, it's important to note that the impact of such fluctuations can vary over time and may be influenced by other factors, such as global economic events and regulatory developments.
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