What are the correlations between the Nikkei index live and the prices of digital currencies?

1 answers

• Mar 16, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the correlations between the Nikkei index and the prices of digital currencies. While there may be some short-term correlations between the two, it is important to note that digital currency prices are primarily driven by factors specific to the cryptocurrency market, such as supply and demand dynamics, technological advancements, and regulatory developments. The Nikkei index, on the other hand, reflects the performance of the Japanese stock market and is influenced by a different set of factors. Therefore, while there may be some indirect influences, it is not accurate to solely rely on the Nikkei index to predict or explain the prices of digital currencies.
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