Is there any correlation between the live pounds to euro exchange rate and the price of Bitcoin?

3 answers

• Dec 27, 2021 · 3 years ago
  There is no direct correlation between the live pounds to euro exchange rate and the price of Bitcoin. The value of Bitcoin is influenced by various factors such as market demand, investor sentiment, regulatory changes, and technological advancements. While fluctuations in exchange rates can indirectly impact the price of Bitcoin, it is important to note that Bitcoin is a global digital currency and its value is not solely determined by the pounds to euro exchange rate.
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• Dec 27, 2021 · 3 years ago
  The live pounds to euro exchange rate and the price of Bitcoin may exhibit some correlation in certain situations. For example, if there is a significant economic event in the UK or Eurozone that affects the exchange rate, it could also impact the price of Bitcoin. However, it is crucial to consider that Bitcoin is a highly volatile asset and its price is influenced by a wide range of factors, including global market trends and investor behavior.
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• Dec 27, 2021 · 3 years ago
  According to a study conducted by BYDFi, there is a weak correlation between the live pounds to euro exchange rate and the price of Bitcoin. The study analyzed historical data and found that changes in the exchange rate had a minimal impact on the price of Bitcoin. This suggests that other factors, such as market demand and investor sentiment, play a more significant role in determining the price of Bitcoin.
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