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How does the NYSE opening time affect cryptocurrency prices?

MONICA OFFICIALJul 30, 2021 · 4 years ago1 answers

Can you explain how the opening time of the New York Stock Exchange (NYSE) affects the prices of cryptocurrencies? I've heard that there might be a correlation between the two, but I'm not sure how it works. Could you shed some light on this?

Cryptocurrency
NYSE
Market Correlation

1 answers

  • Alex RazuMay 10, 2024 · a year ago
    As an expert at BYDFi, I can tell you that the NYSE opening time can indeed have an impact on cryptocurrency prices. The NYSE is one of the largest and most influential stock exchanges in the world, and its opening can attract a lot of attention from traders and investors. This attention can spill over into the cryptocurrency market, leading to increased trading volumes and potentially affecting prices. However, it's important to note that the correlation between the NYSE opening time and cryptocurrency prices is not always consistent or predictable. Cryptocurrency prices are influenced by a wide range of factors, and it's crucial to consider the overall market conditions and other news events when analyzing their movements.

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