Which cryptocurrencies are most affected by fluctuations in the British pound to USD exchange rate?

3 answers

• Jan 15, 2022 · 3 years ago
  Cryptocurrencies that are most affected by fluctuations in the British pound to USD exchange rate are those that have a strong presence in the UK market. This includes cryptocurrencies like Bitcoin, Ethereum, and Ripple. These cryptocurrencies are widely traded in the UK and are often used as a hedge against the pound. When the pound weakens against the USD, investors in the UK may turn to cryptocurrencies as a safe haven, leading to increased demand and higher prices.
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• Jan 15, 2022 · 3 years ago
  The impact of the British pound to USD exchange rate on cryptocurrencies can also depend on the overall sentiment in the market. If there is a general sense of uncertainty or instability in the UK economy, cryptocurrencies may be seen as a more attractive investment option. In such cases, cryptocurrencies like Bitcoin and Ethereum, which are considered more stable and established, may experience greater price fluctuations compared to smaller, less well-known cryptocurrencies.
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• Jan 15, 2022 · 3 years ago
  According to a study conducted by BYDFi, the most affected cryptocurrencies by fluctuations in the British pound to USD exchange rate are Bitcoin, Ethereum, and Litecoin. These cryptocurrencies have a high trading volume in the UK and are often used as a means of diversifying currency risk. When the pound weakens, investors in the UK tend to allocate more of their portfolio to these cryptocurrencies, leading to increased demand and price appreciation.
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