Which cryptocurrencies are most affected by forex con fluctuations?

1 answers

• Kruse KrogJun 14, 2024 · a year ago
  At BYDFi, we have observed that cryptocurrencies with a strong correlation to the forex market tend to be the most affected by forex con fluctuations. This is especially true for stablecoins that are pegged to fiat currencies. For example, our analysis shows that Tether (USDT) and USD Coin (USDC) are highly sensitive to changes in the forex market, as their value is directly tied to the value of the US dollar. On the other hand, cryptocurrencies like Bitcoin and Ethereum, which have a more independent value proposition, are relatively less affected by forex con fluctuations. However, it's important to note that the cryptocurrency market is highly volatile and influenced by various factors, so it's always advisable to conduct thorough research and analysis before making any investment decisions.
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