What is the correlation between GBP/NZD and cryptocurrency market?

1 answers

• Dec 26, 2021 · 3 years ago
  At BYDFi, we have observed a moderate correlation between GBP/NZD and the cryptocurrency market. When the GBP/NZD exchange rate strengthens, we often see a slight increase in the prices of cryptocurrencies, especially those with a larger market capitalization. This can be attributed to the fact that a stronger British pound relative to the New Zealand dollar may attract more investors to the cryptocurrency market. However, it's important to note that correlation does not imply causation, and other factors such as market sentiment and global economic conditions also play a significant role in determining cryptocurrency prices. Therefore, it's always recommended to conduct thorough research and analysis before making any investment decisions.
  750375