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Which cryptocurrencies are most affected by fluctuations in the value of the English pound?

avatarSukrit BhattacharyaNov 26, 2021 · 3 years ago1 answers

In the world of cryptocurrencies, the value of different digital assets can be influenced by various factors. One such factor is the fluctuation in the value of the English pound. Which cryptocurrencies are most susceptible to these fluctuations and why?

Which cryptocurrencies are most affected by fluctuations in the value of the English pound?
Cryptocurrencies
English Pound
Value Fluctuations

1 answers

  • avatarNov 26, 2021 · 3 years ago
    At BYDFi, we believe that the cryptocurrencies most affected by fluctuations in the value of the English pound are those that have a significant user base and trading volume in the UK. This includes popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin. As the value of the pound fluctuates, it can affect the purchasing power of UK-based traders and investors, leading to changes in demand and price for these cryptocurrencies. Additionally, cryptocurrencies that are actively traded in GBP pairs on UK-based exchanges are more likely to be influenced by pound fluctuations. It's important for traders to consider the potential impact of currency fluctuations when making investment decisions in the crypto market.

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