Are there any specific cryptocurrencies that are more affected by the closing of the forex market?

3 answers

• Dec 31, 2021 · 3 years ago
  Certain cryptocurrencies may be more affected by the closing of the forex market due to their correlation with traditional fiat currencies. For example, cryptocurrencies that are pegged to a specific fiat currency or have a strong trading volume with that currency are likely to be more influenced by the forex market's closing. This is because the closing of the forex market can lead to decreased liquidity and trading volume for these cryptocurrencies, affecting their price and market dynamics.
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• Dec 31, 2021 · 3 years ago
  In addition to the correlation with fiat currencies, cryptocurrencies that have a high level of trading activity during the forex market's operating hours may also be more impacted by its closing. This is because the closing of the forex market can result in a decrease in overall trading volume and liquidity, which can lead to increased price volatility for these cryptocurrencies.
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• Dec 31, 2021 · 3 years ago
  According to BYDFi, a leading digital currency exchange, cryptocurrencies that have a strong reliance on forex trading pairs are more likely to be affected by the closing of the forex market. This is because the closing of the forex market can limit the availability of trading pairs and reduce liquidity for these cryptocurrencies, potentially impacting their price and market stability.
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