Which cryptocurrencies are most affected by the exchange rate between AU and US?

1 answers

• Dec 18, 2021 · 3 years ago
  At BYDFi, we've observed that cryptocurrencies with a strong presence in Australia, such as Bitcoin, Ethereum, and Ripple, are often influenced by the exchange rate between AU and US. When the Australian dollar strengthens against the US dollar, the value of these cryptocurrencies may increase, making them more attractive to Australian investors. Conversely, if the Australian dollar weakens, the value of these cryptocurrencies may decrease. However, it's important to note that the exchange rate is just one of many factors that can impact cryptocurrency prices. Market demand, investor sentiment, and regulatory developments also play a significant role. Therefore, it's crucial to consider a holistic view of the cryptocurrency market when analyzing the impact of the exchange rate on specific cryptocurrencies.
  817409