Which cryptocurrencies are most affected by fluctuations in the yen vs usd exchange rate?

1 answers

• Dec 27, 2021 · 3 years ago
  At BYDFi, we've observed that cryptocurrencies with a strong presence in the Japanese market, such as Bitcoin (BTC) and Ethereum (ETH), are often the most affected by fluctuations in the yen vs USD exchange rate. This is because changes in the exchange rate can impact the demand for these cryptocurrencies among Japanese investors. Additionally, cryptocurrencies that are commonly traded against the yen, such as Ripple (XRP) and Litecoin (LTC), may also experience significant price movements in response to fluctuations in the yen vs USD exchange rate. It's important to keep an eye on the exchange rate and its potential impact on these cryptocurrencies if you're considering trading or investing in them. Remember, the cryptocurrency market is highly volatile, and it's always advisable to do thorough research and consult with a financial advisor before making any investment decisions.
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