Which digital currencies are impacted the most by changes in the USD/JPY price?

3 answers

• Dec 26, 2021 · 3 years ago
  Fluctuations in the USD/JPY exchange rate can have a significant impact on the digital currency market. Cryptocurrencies like Bitcoin and Ethereum, being the most widely traded and recognized, are often affected by changes in the USD/JPY price. When the USD strengthens against the JPY, it can lead to increased demand for cryptocurrencies as investors seek alternative assets. On the other hand, when the USD weakens against the JPY, it may result in a decrease in demand for cryptocurrencies. However, it's important to note that the impact can vary depending on market conditions and other factors.
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• Dec 26, 2021 · 3 years ago
  The USD/JPY exchange rate is closely watched by cryptocurrency traders and investors. While Bitcoin and Ethereum are generally more affected by changes in the USD/JPY price, other digital currencies like Ripple, Litecoin, and Bitcoin Cash can also experience significant fluctuations. These cryptocurrencies often have trading pairs with USD and JPY on various exchanges, making them susceptible to changes in the exchange rate. Traders may use the USD/JPY price as an indicator to assess the potential impact on the value and trading volume of different cryptocurrencies.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we closely monitor the relationship between the USD/JPY price and digital currencies. While Bitcoin and Ethereum are commonly influenced by changes in the USD/JPY exchange rate, it's important to consider the overall market dynamics and individual cryptocurrency fundamentals. Other factors such as global economic trends, regulatory developments, and investor sentiment can also play a significant role in determining the impact of USD/JPY fluctuations on digital currencies. Traders and investors should conduct thorough research and analysis to make informed decisions in this dynamic market.
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