Which cryptocurrencies tend to be most affected by the closing of NYSE?

3 answers

• Feb 18, 2022 · 3 years ago
  The closing of NYSE can have varying effects on different cryptocurrencies. Generally, cryptocurrencies with a higher correlation to traditional financial markets, such as Bitcoin and Ethereum, tend to be more affected. This is because investors often view these cryptocurrencies as a store of value or a hedge against economic uncertainty. When the NYSE closes, it can lead to a decrease in overall market sentiment, causing investors to sell off riskier assets like cryptocurrencies. However, it's important to note that the impact may not be significant or long-lasting, as the cryptocurrency market operates 24/7 and is influenced by various factors beyond the NYSE closure.
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• Feb 18, 2022 · 3 years ago
  When the NYSE closes, it can create a temporary decrease in trading volumes for cryptocurrencies. This is because many institutional investors and traders who participate in both traditional markets and cryptocurrencies may reduce their trading activities during non-trading hours. However, the impact on individual cryptocurrencies can vary. Cryptocurrencies with a strong presence in the US market, such as Ripple and Litecoin, may experience a more noticeable impact due to the NYSE closure. On the other hand, cryptocurrencies with a more global user base and trading volume, like Binance Coin and Tether, may be less affected by the closure of NYSE.
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• Feb 18, 2022 · 3 years ago
  According to a study conducted by BYDFi, the closing of NYSE has a limited direct impact on the prices and trading volumes of most cryptocurrencies. The study analyzed the price movements of various cryptocurrencies during NYSE closing hours and found that the correlation between NYSE closure and cryptocurrency prices is generally weak. This suggests that the NYSE closure alone is not a major factor influencing cryptocurrency markets. Instead, factors such as overall market sentiment, regulatory developments, and technological advancements play a more significant role in determining cryptocurrency prices and trading volumes.
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