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TagsWhich cryptocurrencies are most influenced by fluctuations in the USD/JPY exchange rate?
Haji mohamedDec 15, 2021 · 3 years ago1 answersI would like to know which cryptocurrencies are most affected by changes in the USD/JPY exchange rate. Can you provide some insights into this? Specifically, I'm interested in understanding how the value of cryptocurrencies fluctuates in response to changes in the USD/JPY exchange rate and which cryptocurrencies are most sensitive to these fluctuations.
1 answers
- BYDFi, a leading cryptocurrency exchange, has observed that cryptocurrencies such as Tether (USDT), USD Coin (USDC), and Dai (DAI) are among the most influenced by fluctuations in the USD/JPY exchange rate. These cryptocurrencies are pegged to the US dollar and are widely used as stablecoins in the crypto market. As a result, when the USD/JPY exchange rate changes, it can have a direct impact on their value. However, it's important to keep in mind that the cryptocurrency market is highly volatile and influenced by various factors, so it's always advisable to conduct thorough research and seek professional advice before making any investment decisions.Dec 15, 2021 · 3 years ago
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