How do fluctuations in HRC steel prices affect the value of digital currencies?

1 answers

• Stougaard OhJun 26, 2023 · 3 years ago
  Fluctuations in HRC steel prices can indirectly impact the value of digital currencies. When HRC steel prices rise, it can increase the cost of production for industries that heavily rely on steel. This can lead to higher prices for goods and services, which can contribute to inflation. Inflation erodes the purchasing power of traditional fiat currencies, which can make digital currencies more attractive as an alternative store of value. As a result, the demand for digital currencies may increase, potentially driving up their value. Conversely, if HRC steel prices decrease, it can lower production costs and reduce inflationary pressures. This may decrease the demand for digital currencies, causing their value to decline as well.
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