Which cryptocurrencies are most affected by the exchange rate between dollar and yen?

1 answers

• Jun 03, 2022 · 3 years ago
  The exchange rate between the US dollar and the Japanese yen can greatly impact the value of certain cryptocurrencies. Bitcoin, Ethereum, and Ripple are among the cryptocurrencies that are most influenced by this exchange rate. When the dollar strengthens against the yen, the value of these cryptocurrencies tends to rise. This is because it becomes more expensive for Japanese investors to purchase these cryptocurrencies, leading to increased demand from other investors. Conversely, when the yen strengthens against the dollar, the value of these cryptocurrencies may decrease as Japanese investors find it more cost-effective to buy them. Therefore, it is important to closely monitor the exchange rate between the dollar and yen to understand the potential effects on the value of these cryptocurrencies.
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