Which cryptocurrencies are most affected by the Naira to Dollar exchange rate fluctuations?
Abs studiozDec 27, 2021 · 3 years ago1 answers
In the volatile world of cryptocurrencies, the exchange rate between the Naira and the Dollar can have a significant impact. Which cryptocurrencies are most sensitive to fluctuations in this exchange rate? How does the Naira to Dollar exchange rate affect the value of these cryptocurrencies?
1 answers
- Dec 27, 2021 · 3 years agoAt BYDFi, we've observed that the Naira to Dollar exchange rate has a significant impact on the value of cryptocurrencies. Bitcoin, Ethereum, and Binance Coin are among the cryptocurrencies that are most affected by this exchange rate. When the Naira weakens against the Dollar, the value of these cryptocurrencies tends to increase as investors in Nigeria flock to cryptocurrencies as a store of value. However, it's worth noting that the Naira to Dollar exchange rate is just one of many factors that can influence the value of cryptocurrencies. It's important to conduct thorough research and consider other market dynamics before making investment decisions.
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