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TagsIs there a correlation between the USD/CNY chart and the performance of major cryptocurrencies?
Ranushan RachuDec 27, 2021 · 3 years ago1 answersCan the performance of major cryptocurrencies be influenced by the fluctuations in the USD/CNY chart?
1 answers
- While there may be some correlation between the USD/CNY chart and the performance of major cryptocurrencies, it is important to consider that the cryptocurrency market is influenced by a wide range of factors. The USD/CNY chart is just one piece of the puzzle. Factors such as market sentiment, technological advancements, regulatory developments, and macroeconomic trends also play a significant role in determining the performance of cryptocurrencies. Therefore, it is advisable to analyze multiple indicators and factors when assessing the potential impact of the USD/CNY chart on major cryptocurrencies. Remember, correlation does not always imply causation.Dec 27, 2021 · 3 years ago
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