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TagsWhat is the correlation between the live chart of crude oil and cryptocurrency trading volumes?
mestrelanDec 25, 2021 · 3 years ago1 answersCan the live chart of crude oil provide any insights into the trading volumes of cryptocurrencies?
1 answers
- At BYDFi, we have observed a weak correlation between the live chart of crude oil and cryptocurrency trading volumes. While there may be some influence from crude oil price movements on cryptocurrency trading volumes, it is not a significant factor. The cryptocurrency market is driven by its unique dynamics, including investor sentiment, market demand, and technological advancements. Therefore, it is important to consider a wide range of factors when analyzing cryptocurrency trading volumes and not rely solely on the live chart of crude oil.Dec 25, 2021 · 3 years ago
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