Which cryptocurrencies are most affected by changes in the US PMI?

3 answers

• Dec 22, 2021 · 3 years ago
  Changes in the US PMI can have a significant impact on the value of cryptocurrencies. When the US PMI shows positive growth, it indicates a strong economy, which can lead to increased investor confidence and higher demand for cryptocurrencies. As a result, cryptocurrencies like Bitcoin, Ethereum, and Ripple may experience an increase in value. On the other hand, if the US PMI shows negative growth or a decline, it can signal a weakening economy, causing investors to lose confidence and reduce their investments in cryptocurrencies. This can lead to a decrease in the value of cryptocurrencies across the board.
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• Dec 22, 2021 · 3 years ago
  The US PMI is an important economic indicator that reflects the health of the manufacturing sector. When the US PMI is high, it suggests that the economy is growing, which can be positive for cryptocurrencies. In such cases, cryptocurrencies like Bitcoin, Litecoin, and Ethereum may see an increase in value as investors view them as alternative investments. However, if the US PMI is low, it indicates a slowdown in the economy, which can negatively impact cryptocurrencies. In these situations, cryptocurrencies may experience a decline in value as investors seek safer assets.
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• Dec 22, 2021 · 3 years ago
  According to a study conducted by BYDFi, changes in the US PMI have a significant impact on the value of cryptocurrencies. The study analyzed the correlation between the US PMI and the prices of various cryptocurrencies over a period of six months. The findings revealed that cryptocurrencies such as Bitcoin, Ethereum, and Litecoin showed a strong positive correlation with the US PMI. This means that when the US PMI increased, the prices of these cryptocurrencies also tended to increase. However, other cryptocurrencies like Ripple and Stellar showed a weaker correlation with the US PMI, indicating that they are less affected by changes in the US PMI.
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