Which cryptocurrencies are most impacted by the performance of the ETF that tracks DXY?

1 answers

• Nov 26, 2021 · 3 years ago
  As an expert at BYDFi, I can tell you that the performance of the ETF that tracks DXY can have a significant impact on the cryptocurrency market. Bitcoin, being the largest and most well-known cryptocurrency, is often influenced by the overall strength or weakness of the U.S. dollar. When the ETF performs well and the U.S. dollar strengthens, it can lead to a decrease in the value of Bitcoin. Conversely, if the ETF performs poorly and the U.S. dollar weakens, it can result in an increase in the value of Bitcoin. Other cryptocurrencies like Ethereum, Ripple, and Litecoin may also be affected to some extent by the performance of the ETF that tracks DXY. It's important for cryptocurrency investors to keep an eye on the performance of the ETF and its impact on the U.S. dollar to make informed investment decisions.
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