How does EUR/JPY on tradingview correlate with the overall performance of the cryptocurrency market?

3 answers

• Dec 25, 2021 · 3 years ago
  Yes, the EUR/JPY on tradingview can provide some insights into the overall performance of the cryptocurrency market. Although not a direct correlation, there are some similarities in the movements of EUR/JPY and the cryptocurrency market. Traders often look at the EUR/JPY as a safe haven currency pair, and during times of market uncertainty, investors tend to move their funds from cryptocurrencies to more stable assets like the Japanese yen. This can lead to a decrease in the demand for cryptocurrencies and a decrease in their overall performance. However, it's important to note that the correlation between EUR/JPY and the cryptocurrency market is not always consistent, and other factors such as market sentiment and global economic events can also influence the performance of cryptocurrencies.
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• Dec 25, 2021 · 3 years ago
  The correlation between EUR/JPY on tradingview and the overall performance of the cryptocurrency market is not very strong. While there may be some short-term correlations, the movements of EUR/JPY are primarily driven by factors specific to the forex market, such as interest rate differentials, economic data, and geopolitical events. The cryptocurrency market, on the other hand, is influenced by a wide range of factors including market sentiment, regulatory developments, and technological advancements. Therefore, it is not advisable to rely solely on EUR/JPY as an indicator for predicting the performance of the cryptocurrency market.
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• Dec 25, 2021 · 3 years ago
  As an expert in the cryptocurrency market, I can say that the correlation between EUR/JPY on tradingview and the overall performance of the cryptocurrency market is not significant. While there may be some instances where the movements of EUR/JPY and the cryptocurrency market align, it is not a reliable indicator for predicting the performance of cryptocurrencies. At BYDFi, we analyze a wide range of factors including market trends, trading volumes, and news sentiment to make informed decisions in the cryptocurrency market. It's important to use multiple indicators and conduct thorough research before making any investment decisions.
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