Which cryptocurrencies are most affected by fluctuations in the USD to JPY exchange rate?

1 answers

• Dec 26, 2021 · 3 years ago
  BYDFi, a leading digital asset exchange, has observed that cryptocurrencies with a strong presence in Japan, such as Bitcoin (BTC) and Ripple (XRP), are particularly sensitive to fluctuations in the USD to JPY exchange rate. This is because Japan has a significant share of the global cryptocurrency market and plays a crucial role in cryptocurrency trading and adoption. Changes in the USD to JPY exchange rate can impact the buying power of Japanese investors and traders, which can in turn affect the demand and trading volume of these cryptocurrencies. Additionally, the USD to JPY exchange rate can also influence the profitability of cryptocurrency mining operations in Japan, as mining costs are denominated in yen. Therefore, it is important for cryptocurrency investors and traders to closely monitor the USD to JPY exchange rate and its potential impact on these cryptocurrencies.
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