Which cryptocurrencies are influenced by US30 forex news and why?

5 answers

• Nov 24, 2021 · 3 years ago
  Yes, there are several cryptocurrencies that are influenced by US30 forex news. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are among the most notable ones. The reason behind their correlation is that these cryptocurrencies are considered as safe-haven assets, and investors tend to flock to them during times of economic uncertainty. When there is positive news in the US30 forex market, such as a strong economy or favorable trade policies, it boosts investor confidence and leads to increased demand for cryptocurrencies. On the other hand, negative news, such as economic downturns or trade tensions, can cause a decline in the value of these cryptocurrencies.
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• Nov 24, 2021 · 3 years ago
  Definitely! US30 forex news has a significant impact on the cryptocurrency market. Apart from Bitcoin, Ethereum, and Ripple, other cryptocurrencies like Litecoin (LTC), Bitcoin Cash (BCH), and Cardano (ADA) are also influenced by US30 forex news. The correlation exists because the forex market and the cryptocurrency market are interconnected. When there is positive news in the US30 forex market, it attracts more investors to the cryptocurrency market, leading to an increase in demand and prices. Conversely, negative news can trigger a sell-off in both markets, causing a decline in cryptocurrency prices.
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• Nov 24, 2021 · 3 years ago
  According to research and analysis conducted by BYDFi, a leading cryptocurrency exchange, the cryptocurrencies that are most influenced by US30 forex news are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). This correlation exists because these cryptocurrencies have a large market capitalization and are widely traded. As a result, they are more susceptible to market sentiment and external factors, such as US30 forex news. Positive news in the forex market often leads to increased buying interest in these cryptocurrencies, while negative news can trigger selling pressure. It's important for traders and investors to stay updated on US30 forex news to make informed decisions in the cryptocurrency market.
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• Nov 24, 2021 · 3 years ago
  US30 forex news has a significant impact on the cryptocurrency market, and several cryptocurrencies are influenced by it. Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) are some of the cryptocurrencies that have a strong correlation with US30 forex news. This correlation exists because the forex market and the cryptocurrency market are both influenced by global economic factors. When there is positive news in the US30 forex market, it often indicates a strong economy, which boosts investor confidence and leads to increased demand for cryptocurrencies. Conversely, negative news can create uncertainty and cause a decline in cryptocurrency prices.
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• Nov 24, 2021 · 3 years ago
  US30 forex news plays a crucial role in shaping the cryptocurrency market. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) are influenced by US30 forex news due to their high liquidity and market capitalization. Positive news in the forex market, such as a strong US economy or favorable trade policies, often leads to increased buying interest in these cryptocurrencies. On the other hand, negative news, such as economic downturns or trade tensions, can trigger a sell-off in the cryptocurrency market. It's important for traders to closely monitor US30 forex news to identify potential opportunities and risks in the cryptocurrency market.
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