Which cryptocurrencies are affected by the dollar rate in India's live graph?

3 answers

• Prasenjit DasNov 28, 2022 · 3 years ago
  The dollar rate in India has a direct impact on the prices of cryptocurrencies, especially those that have a strong correlation with the US dollar. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) are among the most affected by the dollar rate in India's live graph. When the dollar rate strengthens, the prices of these cryptocurrencies tend to rise, and vice versa. This is because a stronger dollar makes it more expensive to buy cryptocurrencies, leading to a decrease in demand and a subsequent drop in prices.
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• Nick SpenceJun 28, 2022 · 3 years ago
  The dollar rate in India can influence the prices of cryptocurrencies in various ways. For example, when the dollar rate weakens, it becomes cheaper for Indian investors to buy cryptocurrencies, which can lead to an increase in demand and consequently drive up the prices. On the other hand, a stronger dollar rate can make it more expensive for Indian investors to invest in cryptocurrencies, resulting in a decrease in demand and a potential drop in prices. Therefore, it's important for cryptocurrency traders in India to closely monitor the dollar rate and its impact on the market.
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• makotoJan 02, 2025 · 7 months ago
  As an expert in the cryptocurrency industry, I can confirm that the dollar rate in India does affect the prices of certain cryptocurrencies. However, it's important to note that the impact may vary depending on market conditions and other factors. At BYDFi, we closely analyze the relationship between the dollar rate and cryptocurrencies to provide our users with valuable insights and trading strategies. If you're interested in learning more about how the dollar rate affects cryptocurrencies, feel free to reach out to us for further information.
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