What is the impact of the exchange rate between Canadian dollars and US dollars on the value of cryptocurrencies?

1 answers

• May 26, 2022 · 3 years ago
  As a representative from BYDFi, I can say that the exchange rate between Canadian dollars and US dollars can have a direct impact on the value of cryptocurrencies. When the Canadian dollar strengthens against the US dollar, it can attract more Canadian investors to the cryptocurrency market, leading to increased demand and potentially driving up the value of cryptocurrencies. Conversely, if the Canadian dollar weakens against the US dollar, it may discourage Canadian investors from investing in cryptocurrencies, resulting in decreased demand and potentially lowering their value. Therefore, it is important for cryptocurrency investors to consider the exchange rate between these two currencies when making investment decisions.
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