Which cryptocurrencies are most affected by the fluctuations of the Japanese yen?

3 answers

• Nov 26, 2021 · 3 years ago
  When it comes to the impact of the Japanese yen on cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) are often the most affected. As the Japanese yen is one of the most traded fiat currencies in the crypto market, any significant changes in its exchange rate can have a noticeable effect on the value of these cryptocurrencies. This is mainly due to the high trading volume and liquidity of BTC and ETH in Japanese exchanges. Traders and investors closely monitor the yen's fluctuations as it can provide insights into potential price movements of these cryptocurrencies.
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• Nov 26, 2021 · 3 years ago
  The relationship between the Japanese yen and cryptocurrencies is complex and can be influenced by various factors. While Bitcoin and Ethereum are commonly affected, other cryptocurrencies like Ripple (XRP) and Litecoin (LTC) also show sensitivity to the yen's fluctuations. It's important to note that the impact may not always be direct or immediate, as the cryptocurrency market is influenced by multiple global and local factors. Traders and investors should consider a holistic approach when analyzing the relationship between the Japanese yen and specific cryptocurrencies.
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• Nov 26, 2021 · 3 years ago
  At BYDFi, we have observed that the Japanese yen's fluctuations can have a significant impact on the value of certain cryptocurrencies. Bitcoin and Ethereum are among the most affected, as their trading volumes in Japanese exchanges are substantial. However, it's important to remember that the cryptocurrency market is highly volatile and influenced by numerous factors. While the Japanese yen's movements can provide valuable insights, it's crucial to consider other factors such as market sentiment, regulatory changes, and global economic conditions when making investment decisions.
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