Which digital currencies are most affected by changes in the USDJPY rate?

3 answers

• Jan 12, 2022 · 3 years ago
  The USDJPY rate plays a significant role in the cryptocurrency market. When the USDJPY rate goes up, digital currencies like Bitcoin and Ethereum tend to be positively affected. This is because a stronger US dollar relative to the Japanese yen attracts more investors to these cryptocurrencies, leading to increased demand and potentially higher prices. On the other hand, when the USDJPY rate goes down, digital currencies may experience a decline in value as investors may shift their focus away from these assets.
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• Jan 12, 2022 · 3 years ago
  Fluctuations in the USDJPY rate can have varying effects on different digital currencies. For example, Ripple (XRP) has shown a historical correlation with the USDJPY rate, meaning that changes in the exchange rate between the US dollar and the Japanese yen can impact the value of Ripple. However, it's important to note that correlation does not necessarily imply causation, and other factors can also influence the performance of digital currencies.
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• Jan 12, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, has observed that the USDJPY rate can have a notable impact on certain cryptocurrencies. In particular, cryptocurrencies with strong ties to the Japanese market, such as Monacoin (MONA) and NEM (XEM), have shown sensitivity to changes in the USDJPY rate. This is due to their popularity and adoption within Japan, where the USDJPY rate directly affects the purchasing power and sentiment of local investors.
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