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TagsHow does the exchange rate between USD and CAD impact the value of popular cryptocurrencies?
rahmat allah AmaniJan 07, 2022 · 3 years ago1 answersCan you explain how the exchange rate between the US dollar (USD) and the Canadian dollar (CAD) affects the value of popular cryptocurrencies? I'm curious to know how these two currencies' exchange rate fluctuations can influence the prices of cryptocurrencies like Bitcoin, Ethereum, and others.
1 answers
- As an expert in the cryptocurrency industry, I can tell you that the exchange rate between USD and CAD can indeed impact the value of popular cryptocurrencies. When the USD strengthens against the CAD, it can make cryptocurrencies more expensive for Canadians to buy, which can reduce demand and potentially lower prices. On the other hand, when the CAD strengthens against the USD, it can make cryptocurrencies cheaper for Canadians to purchase, increasing demand and potentially driving up prices. So, keeping an eye on the exchange rate between USD and CAD is essential for understanding the potential impact on the value of popular cryptocurrencies.Jan 07, 2022 · 3 years ago
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