Which cryptocurrencies are most influenced by the 원달러 exchange rate and why?

3 answers

• May 09, 2022 · 3 years ago
  The exchange rate between the Korean Won and the US Dollar can have a significant impact on certain cryptocurrencies. Cryptocurrencies that have a strong presence in the Korean market, such as Bitcoin, Ethereum, and Ripple, are likely to be influenced by the 원달러 exchange rate. This is because the Korean market is known for its high trading volume and active participation in the cryptocurrency market. When the 원달러 exchange rate fluctuates, it can affect the buying power of Korean investors and their willingness to invest in cryptocurrencies. As a result, the prices of these cryptocurrencies may experience volatility and follow the trend of the exchange rate.
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• May 09, 2022 · 3 years ago
  The 원달러 exchange rate can also impact cryptocurrencies that are commonly used for cross-border transactions between Korea and the US. For example, cryptocurrencies like Stellar and XRP, which are designed for fast and low-cost international transfers, may be influenced by the exchange rate. When the 원달러 exchange rate changes, it can affect the cost and efficiency of cross-border transactions using these cryptocurrencies. If the exchange rate becomes unfavorable for Korean users, they may opt for alternative payment methods or cryptocurrencies that are not as affected by the exchange rate.
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• May 09, 2022 · 3 years ago
  From BYDFi's perspective, the 원달러 exchange rate can indirectly influence the demand for cryptocurrencies on our platform. As a global cryptocurrency exchange, we provide trading pairs with the Korean Won and the US Dollar. When the exchange rate between these two currencies fluctuates, it can impact the trading volume and liquidity of the cryptocurrencies available on our platform. Traders and investors may adjust their strategies based on the exchange rate, leading to changes in the demand for specific cryptocurrencies. Therefore, it's important for us to closely monitor the 원달러 exchange rate and its potential impact on the cryptocurrency market.
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