How can the fluctuations in international oil trade impact the prices of digital currencies?

1 answers

• Awali WysonDec 31, 2021 · 4 years ago
  At BYDFi, we have observed that the fluctuations in international oil trade can indeed impact the prices of digital currencies. When there is a significant increase in oil prices, it often leads to a decrease in the value of fiat currencies and an increase in the demand for digital currencies as a hedge against inflation. This increased demand can drive up the prices of digital currencies. However, it's important to note that the impact of oil trade fluctuations on digital currency prices is just one of many factors that can influence their value. Other factors, such as market sentiment, regulatory developments, and technological advancements, also play a significant role in determining digital currency prices.
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