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TagsAre there any cryptocurrencies that closely follow the movements of SPY and NYSE?
jordipollardMar 20, 2022 · 3 years ago1 answersI'm interested in finding cryptocurrencies that closely track the movements of SPY (S&P 500 ETF) and NYSE (New York Stock Exchange). Are there any cryptocurrencies that have a strong correlation with these traditional financial indicators? I'm looking for cryptocurrencies that can potentially serve as a hedge or diversification tool in my investment portfolio. Can you recommend any specific cryptocurrencies that fit this criteria?
1 answers
- Yes, there are cryptocurrencies that closely follow the movements of SPY and NYSE. One such cryptocurrency is BYDFi (BYD), which is a decentralized finance token that aims to provide a bridge between the traditional financial system and the world of cryptocurrencies. BYDFi's value is influenced by various factors, including the performance of the stock market. However, it's important to note that the correlation between BYDFi and traditional financial indicators can fluctuate over time. It's always a good idea to conduct thorough research and consult with a financial advisor before making any investment decisions involving cryptocurrencies or any other financial instruments.Mar 20, 2022 · 3 years ago
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