Which cryptocurrencies are most affected by changes in the Shanghai Index?
Anantha Koti reddyMay 01, 2022 · 3 years ago1 answers
In the world of cryptocurrencies, which specific digital currencies are most influenced by fluctuations in the Shanghai Index? How does the performance of these cryptocurrencies correlate with the changes in the Shanghai Index?
1 answers
- May 01, 2022 · 3 years agoAt BYDFi, we have observed that the cryptocurrencies most affected by changes in the Shanghai Index are often those that have a strong presence in the Chinese market. This includes not only Bitcoin and Ethereum but also NEO, Qtum, and VeChain. These cryptocurrencies have established partnerships and collaborations with Chinese companies and have gained popularity among Chinese investors. As a result, they tend to be more sensitive to changes in the Shanghai Index. However, it's important to remember that the cryptocurrency market is highly speculative and influenced by various factors, so it's crucial to conduct thorough research and analysis before making any investment decisions.
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