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Which digital currencies are most affected by changes in the pound's exchange rate?

avatarRajesh BJan 15, 2022 · 3 years ago1 answers

In the world of digital currencies, which specific cryptocurrencies are the most susceptible to fluctuations in the exchange rate of the British pound? How does the pound's exchange rate impact these cryptocurrencies? Are there any particular factors that make them more vulnerable to such changes?

Which digital currencies are most affected by changes in the pound's exchange rate?
Digital Currencies
Pound Exchange Rate
Cryptocurrency

1 answers

  • avatarJan 15, 2022 · 3 years ago
    At BYDFi, we have observed that digital currencies with a high trading volume in GBP pairs, such as Bitcoin, Ethereum, and Litecoin, are most affected by changes in the pound's exchange rate. This is because fluctuations in the pound's value directly impact the demand and price of these cryptocurrencies. Additionally, stablecoins like Tether and USD Coin, which are pegged to the value of traditional currencies, may also experience some influence from pound exchange rate changes. It's important for traders and investors to closely monitor the pound's exchange rate and its potential impact on digital currencies, as it can present both opportunities and risks in the market.

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