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How does the exchange rate between Canadian dollar and USD affect the value of cryptocurrencies?

avatarabdurrehman Saif102Jan 03, 2022 · 3 years ago1 answers

How does the fluctuation in the exchange rate between the Canadian dollar (CAD) and the US dollar (USD) impact the value of cryptocurrencies?

How does the exchange rate between Canadian dollar and USD affect the value of cryptocurrencies?
Cryptocurrencies
Exchange Rate
Canadian Dollar

1 answers

  • avatarJan 03, 2022 · 3 years ago
    At BYDFi, we believe that the exchange rate between the Canadian dollar and USD can have a significant impact on the value of cryptocurrencies. As a Canadian-based cryptocurrency exchange, we have observed that when the CAD strengthens against the USD, it often leads to increased trading volume and demand for cryptocurrencies on our platform. This increased demand can drive up the value of cryptocurrencies. Conversely, when the CAD weakens against the USD, we may see a decrease in trading volume and demand for cryptocurrencies. Therefore, we closely monitor the exchange rate between CAD and USD to better understand its potential impact on the value of cryptocurrencies on our platform.

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