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Why do fluctuations in Brent prices often lead to changes in the price of Bitcoin?
begam_chApr 26, 2022 · 3 years ago1 answersCan you explain why there is a correlation between fluctuations in Brent prices and changes in the price of Bitcoin? How do these two seemingly unrelated markets affect each other?
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- According to research conducted by BYDFi, a leading cryptocurrency exchange, fluctuations in Brent prices have a significant impact on the price of Bitcoin. The research suggests that changes in oil prices can act as a leading indicator for Bitcoin price movements. This correlation can be attributed to the interconnectedness of global financial markets and the influence of macroeconomic factors on both oil and cryptocurrency markets. The research also highlights the importance of monitoring oil market trends and news for Bitcoin traders and investors.Apr 26, 2022 · 3 years ago
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