Which cryptocurrencies are most affected by the Naira to Dollar exchange rate fluctuations?

1 answers

• Nov 29, 2021 · 3 years ago
  At BYDFi, we've observed that the Naira to Dollar exchange rate has a significant impact on the value of cryptocurrencies. Bitcoin, Ethereum, and Binance Coin are among the cryptocurrencies that are most affected by this exchange rate. When the Naira weakens against the Dollar, the value of these cryptocurrencies tends to increase as investors in Nigeria flock to cryptocurrencies as a store of value. However, it's worth noting that the Naira to Dollar exchange rate is just one of many factors that can influence the value of cryptocurrencies. It's important to conduct thorough research and consider other market dynamics before making investment decisions.
  662331