Is there a correlation between the USD/CNY chart and the performance of major cryptocurrencies?

1 answers

• Jan 14, 2022 · 3 years ago
  While there may be some correlation between the USD/CNY chart and the performance of major cryptocurrencies, it is important to consider that the cryptocurrency market is influenced by a wide range of factors. The USD/CNY chart is just one piece of the puzzle. Factors such as market sentiment, technological advancements, regulatory developments, and macroeconomic trends also play a significant role in determining the performance of cryptocurrencies. Therefore, it is advisable to analyze multiple indicators and factors when assessing the potential impact of the USD/CNY chart on major cryptocurrencies. Remember, correlation does not always imply causation.
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