Which cryptocurrencies are most impacted by changes in oil prices?

1 answers

• paresh vigoraDec 12, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, believes that changes in oil prices can indeed affect certain cryptocurrencies in the market. Cryptocurrencies that have a direct connection to the energy sector, such as Petro (PTR) and OilCoin (OIL), are likely to be the most impacted. These cryptocurrencies are designed to be backed by oil reserves or to track the price of oil, so any fluctuations in oil prices can directly affect their value. However, it's important to note that the impact may not be limited to these specific cryptocurrencies. Other factors, such as market sentiment and overall demand, can also play a role in determining the impact of oil price changes on cryptocurrencies.
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