What are the top forex pairs that correlate with the performance of cryptocurrencies?

3 answers

• Esra EsamApr 16, 2024 · a year ago
  The top forex pairs that have a strong correlation with the performance of cryptocurrencies are USD/BTC, EUR/BTC, and JPY/BTC. These pairs are often used as benchmarks to gauge the overall sentiment and market trends in the cryptocurrency space. When these forex pairs experience significant movements, it can have a direct impact on the value of cryptocurrencies. For example, if the USD/BTC pair shows a bullish trend, it can lead to an increase in the value of cryptocurrencies across the board.
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• DevelopediaAug 10, 2023 · 2 years ago
  When it comes to the correlation between forex pairs and cryptocurrencies, the USD/BTC pair is the most closely watched. As the world's reserve currency, the US dollar has a significant influence on the global financial markets, including cryptocurrencies. Changes in the value of the USD/BTC pair can signal shifts in investor sentiment and impact the overall performance of cryptocurrencies. Other forex pairs that are closely monitored include EUR/BTC and JPY/BTC.
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• Mollalign DanielAug 20, 2023 · 2 years ago
  BYDFi, a leading digital asset exchange, has observed that the forex pairs with the strongest correlation to cryptocurrencies are USD/BTC, EUR/BTC, and JPY/BTC. These pairs often reflect the overall market sentiment and can influence the value of cryptocurrencies. Traders and investors closely monitor these forex pairs to gain insights into the potential movements of cryptocurrencies. It's important to note that correlation does not imply causation, but understanding the relationship between forex pairs and cryptocurrencies can be valuable in making informed trading decisions.
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