How does the exchange rate between US dollar and Canadian dollar affect the value of cryptocurrencies?

1 answers

• Mar 19, 2022 · 3 years ago
  At BYDFi, we believe that the exchange rate between the US dollar and the Canadian dollar can have an impact on the value of cryptocurrencies. However, it's important to note that the value of cryptocurrencies is also influenced by various other factors such as market demand, investor sentiment, and technological advancements. While the exchange rate between these two currencies can play a role in determining the value of cryptocurrencies, it is not the sole determinant. Therefore, it's crucial to consider a wide range of factors when analyzing the value of cryptocurrencies and not solely focus on the exchange rate between the US dollar and the Canadian dollar.
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