How does the cable exchange rate affect the value of cryptocurrencies?

1 answers

• Tesfalem TamenewelduFeb 10, 2024 · 2 years ago
  The cable exchange rate, which represents the value of the British pound against the US dollar, can indeed influence the value of cryptocurrencies. When the cable exchange rate strengthens, it means that the pound is gaining value against the dollar. This can lead to a decrease in the value of cryptocurrencies, as it becomes more expensive for UK investors to purchase them. On the other hand, when the cable exchange rate weakens, the pound loses value against the dollar, making it cheaper for UK investors to buy cryptocurrencies. This increased affordability can drive up the demand for cryptocurrencies and potentially increase their value. Therefore, fluctuations in the cable exchange rate should be considered when analyzing the value of cryptocurrencies.
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