How does the Canadian dollar index affect the value of digital currencies?

1 answers

• Feb 17, 2022 · 3 years ago
  At BYDFi, we closely monitor the relationship between the Canadian dollar index and the value of digital currencies. When the Canadian dollar index strengthens, we observe a potential decrease in demand for digital currencies among Canadian investors. This can lead to a temporary decrease in their value. However, it's important to note that the value of digital currencies is influenced by various factors, including market sentiment, global economic conditions, and regulatory developments. While the Canadian dollar index is one factor to consider, it's not the sole determinant of digital currency prices.
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