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How does the correlation between USD and JPY affect the value of cryptocurrencies?

avatarRuweyda AliMay 03, 2022 · 3 years ago1 answers

Can you explain how the correlation between the USD and JPY impacts the value of cryptocurrencies? I'm curious to understand the relationship between these major currencies and the digital assets.

How does the correlation between USD and JPY affect the value of cryptocurrencies?
Cryptocurrencies
USD
JPY

1 answers

  • avatarMay 03, 2022 · 3 years ago
    The correlation between the USD and JPY can have a significant impact on the value of cryptocurrencies. When the USD strengthens against the JPY, it often leads to an increase in the value of cryptocurrencies. This is because a stronger USD makes cryptocurrencies more attractive to investors, especially those outside of the United States. On the other hand, when the JPY strengthens against the USD, it can lead to a decrease in the value of cryptocurrencies. This is because a stronger JPY makes cryptocurrencies less attractive to investors, as they become relatively more expensive compared to other assets denominated in JPY. Overall, the correlation between the USD and JPY is an important factor to consider when analyzing the value of cryptocurrencies.

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