Which cryptocurrencies are most affected by changes in the sterling dollar exchange rate?

3 answers

• Jan 14, 2022 · 3 years ago
  When it comes to the sterling dollar exchange rate, Bitcoin and Ethereum are the two most affected cryptocurrencies. As the most popular and widely traded digital currencies, they tend to be more sensitive to changes in major fiat currency exchange rates. The value of Bitcoin and Ethereum can rise or fall depending on the strength or weakness of the pound against the dollar. Traders and investors closely monitor these exchange rate fluctuations as they can have a significant impact on the profitability of their cryptocurrency holdings.
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• Jan 14, 2022 · 3 years ago
  The sterling dollar exchange rate can also influence the value of other cryptocurrencies, such as Ripple, Litecoin, and Bitcoin Cash. While they may not be as directly affected as Bitcoin and Ethereum, changes in the exchange rate can still have an impact on their trading volume and overall market sentiment. Traders who are actively involved in these cryptocurrencies should keep an eye on the sterling dollar exchange rate and its potential impact on their investments.
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• Jan 14, 2022 · 3 years ago
  According to a recent analysis by BYDFi, a digital currency exchange, the sterling dollar exchange rate has a significant impact on the trading volume of Bitcoin and Ethereum. When the pound weakens against the dollar, the trading volume of these cryptocurrencies tends to increase as investors seek to take advantage of the exchange rate difference. However, it's important to note that the impact of the sterling dollar exchange rate on cryptocurrencies can vary depending on other market factors and investor sentiment.
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