The People’s Bank of China has taken measures to stimulate the economy, including reduce the reserve requirement ratio of continental banks by 50 basis points. The move drew little reaction from cryptocurrency prices. Asian stocks, on the other hand, gained, with Hong Kong’s Hang Seng Index climbing 3.2% and the Shanghai Composite Index up 2.3%. “Bitcoin’s lack of reaction to this news, juxtaposed with the rise in Chinese indices, underscores that its current beta appears more closely tied to Fed policy and U.S. markets, as evidenced by the nearly two-year high correlations with U.S. stocks, particularly after last week’s FOMC meeting,” Rick Maeda, a Singapore-based research analyst at Presto Research, wrote in a note to CoinDesk.
