How does the fluctuation of the USD/MXN exchange rate affect the value of cryptocurrencies?

1 answers

• Jan 12, 2022 · 3 years ago
  At BYDFi, we believe that the fluctuation of the USD/MXN exchange rate can have both positive and negative effects on the value of cryptocurrencies. On one hand, a stronger USD can attract international investors to the cryptocurrency market, leading to increased demand and potentially higher prices. On the other hand, a weaker MXN can negatively impact the purchasing power of Mexican investors, reducing demand and potentially lowering prices. It's important for investors to monitor the USD/MXN exchange rate and its potential impact on the cryptocurrency market to make informed trading decisions.
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