Are cryptocurrencies influenced by the relative strength of USD and AUD?

1 answers

• May 05, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can confirm that the relative strength of USD and AUD does have an influence on cryptocurrencies. At BYDFi, we have observed that when the USD is stronger compared to the AUD, it tends to attract more investors from Australia and other countries using AUD. This increased demand can lead to higher prices for cryptocurrencies. However, it's important to note that the relative strength of USD and AUD is just one of many factors that can affect the cryptocurrency market. Other factors such as market sentiment, regulatory developments, and technological advancements also play a significant role in determining the value and performance of cryptocurrencies.
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