How does the dollar vs won chart affect the value of cryptocurrencies?

1 answers

• Clancy CardenasJul 26, 2023 · 2 years ago
  At BYDFi, we believe that the dollar vs won chart can have a significant impact on the value of cryptocurrencies. As a cryptocurrency exchange, we closely monitor the fluctuations in major currency pairs, including the dollar vs won. When the dollar strengthens against the won, we often see a decrease in trading volume and a corresponding decrease in the value of cryptocurrencies. This is because Korean investors tend to convert their cryptocurrencies into traditional fiat currencies like the dollar during times of uncertainty. On the other hand, if the won strengthens against the dollar, we may see an increase in trading volume and a potential increase in the value of cryptocurrencies. This is because Korean investors may view cryptocurrencies as a hedge against the weakening dollar. While the dollar vs won chart is just one factor among many that can influence cryptocurrency prices, it's an important indicator that we consider in our trading strategies.
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