Which cryptocurrencies are most affected by fluctuations in the pound vs USD exchange rate?

3 answers

• Nov 24, 2021 · 3 years ago
  Cryptocurrencies like Bitcoin and Ethereum are among the most affected by fluctuations in the pound vs USD exchange rate. As the pound strengthens against the USD, the value of these cryptocurrencies tends to decrease, as investors prefer to hold their assets in a stronger currency. On the other hand, when the pound weakens against the USD, the value of these cryptocurrencies may increase, as investors seek alternative investments. The trading volume of these cryptocurrencies also tends to be influenced by the exchange rate, as traders take advantage of price discrepancies between different markets.
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• Nov 24, 2021 · 3 years ago
  When the pound strengthens against the USD, cryptocurrencies like Ripple and Litecoin may also be affected. However, their value and trading volume are generally less impacted compared to Bitcoin and Ethereum. This is because Ripple and Litecoin have their own unique market dynamics and are influenced by factors beyond just the pound vs USD exchange rate.
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• Nov 24, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, the most affected cryptocurrencies by fluctuations in the pound vs USD exchange rate are Bitcoin, Ethereum, and Ripple. These cryptocurrencies have a high correlation with the exchange rate and their value and trading volume can experience significant changes based on currency movements. Traders should closely monitor the pound vs USD exchange rate when trading these cryptocurrencies to make informed decisions.
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