Which cryptocurrencies are most affected by fluctuations in the pound to euro exchange rate?

3 answers

• BeeBeezSep 19, 2022 · 3 years ago
  When it comes to the impact of the pound to euro exchange rate on cryptocurrencies, Bitcoin and Ethereum are the most affected. These two cryptocurrencies have the highest market capitalization and are widely traded against both the pound and the euro. As a result, any fluctuations in the pound to euro exchange rate can have a significant impact on their prices. Other cryptocurrencies, such as Ripple and Litecoin, may also be influenced to some extent, but their price movements are generally not as closely tied to the pound to euro exchange rate as Bitcoin and Ethereum.
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• Sani AhmadJan 03, 2023 · 3 years ago
  The pound to euro exchange rate can have a noticeable impact on the prices of certain cryptocurrencies. Bitcoin, being the largest and most well-known cryptocurrency, tends to be the most affected. As the pound strengthens against the euro, the price of Bitcoin in pounds may decrease, and vice versa. Ethereum, another major cryptocurrency, also tends to be influenced by the pound to euro exchange rate. However, it's important to note that the overall cryptocurrency market is highly volatile and influenced by various factors, so the impact of the pound to euro exchange rate may not always be the sole driving force behind price fluctuations.
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• TomoeOct 05, 2023 · 2 years ago
  According to a recent analysis by BYDFi, a cryptocurrency exchange, the pound to euro exchange rate has a significant impact on the prices of Bitcoin and Ethereum. This is mainly due to the high trading volume and liquidity of these cryptocurrencies against both the pound and the euro. Fluctuations in the exchange rate can lead to arbitrage opportunities and attract traders to buy or sell Bitcoin and Ethereum, which in turn affects their prices. However, it's worth noting that other cryptocurrencies, such as Ripple and Litecoin, may also experience some level of influence from the pound to euro exchange rate, although to a lesser extent compared to Bitcoin and Ethereum.
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