Which digital currencies are most affected by the dollar-yen exchange rate today?

3 answers

• Manish sharmaSep 07, 2024 · a year ago
  The digital currencies that are most affected by the dollar-yen exchange rate today are Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These cryptocurrencies have a strong correlation with the US dollar and the Japanese yen due to their high trading volumes in the USD and JPY pairs. When the dollar strengthens against the yen, the value of these digital currencies tends to increase. On the other hand, if the yen strengthens against the dollar, their value may decrease. It's important for traders and investors to closely monitor the dollar-yen exchange rate as it can significantly impact the value of these digital currencies.
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• Beatty FultonMay 06, 2022 · 3 years ago
  The dollar-yen exchange rate has a significant impact on the value of digital currencies such as Bitcoin, Ethereum, and Ripple. When the dollar strengthens against the yen, the value of these cryptocurrencies tends to rise as investors seek alternative assets. Conversely, if the yen strengthens against the dollar, their value may decline. This is because the dollar-yen exchange rate affects the purchasing power of investors in different countries, leading to changes in demand for digital currencies. Therefore, it is crucial for traders to keep an eye on the dollar-yen exchange rate when trading these digital currencies.
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• Ali MamloukNov 25, 2021 · 4 years ago
  According to BYDFi, a leading digital currency exchange, the digital currencies most affected by the dollar-yen exchange rate today are Bitcoin, Ethereum, and Ripple. The exchange rate between the US dollar and the Japanese yen has a strong influence on the value of these cryptocurrencies. When the dollar appreciates against the yen, the value of Bitcoin, Ethereum, and Ripple tends to increase. Conversely, if the yen strengthens against the dollar, their value may decrease. Traders should consider the dollar-yen exchange rate when making investment decisions involving these digital currencies.
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