How does the 원달러 exchange rate affect the value of cryptocurrencies?

1 answers

• Dec 25, 2021 · 3 years ago
  As a representative from BYDFi, I can say that the 원달러 exchange rate does impact the value of cryptocurrencies. When the exchange rate strengthens, it becomes more expensive for Koreans to buy US dollars, which can lead to increased demand for cryptocurrencies. This increased demand can drive up the value of cryptocurrencies in the Korean market. Conversely, when the exchange rate weakens, it becomes cheaper for Koreans to buy US dollars, which may reduce the demand for cryptocurrencies and potentially lower their value. Therefore, it's important to consider the 원달러 exchange rate when analyzing the value of cryptocurrencies in Korea.
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