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TagsWhat impact does the USD to JPY exchange rate have on the global cryptocurrency market?
Puggaard MccallJan 12, 2022 · 3 years ago1 answersHow does the exchange rate between the USD and JPY affect the global cryptocurrency market? What are the implications of this exchange rate on the prices and trading volumes of cryptocurrencies worldwide?
1 answers
- The USD to JPY exchange rate has a significant influence on the global cryptocurrency market. When the USD strengthens against the JPY, it can lead to a decrease in cryptocurrency prices as Japanese investors find it more expensive to buy cryptocurrencies. Conversely, when the USD weakens against the JPY, it can result in an increase in cryptocurrency prices as Japanese investors find it more affordable to enter the market. These exchange rate dynamics can impact trading volumes, as investors may adjust their trading strategies based on the relative value of the USD and JPY. It's important for traders and investors to monitor the USD to JPY exchange rate and consider its potential impact on the global cryptocurrency market.Jan 12, 2022 · 3 years ago
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