The Individuals’s Financial institution of China took steps to stimulate the financial system, together with slicing the reserve requirement ratio for mainland banks by 50 foundation factors. The transfer drew little response from crypto costs. Asian shares, however, rallied, with Hong Kong’s Dangle Seng index climbing 3.2% and the Shanghai Composite index including 2.3%. “Bitcoin’s lack of response to this news, juxtaposed against rallying Chinese indices, highlights that its current beta appears more tightly linked to Fed policy and U.S. markets, as evidenced by near two-year high correlations with US stocks, particularly following last week’s FOMC meeting,” Rick Maeda, a Singapore-based analysis analyst at Presto Analysis, wrote to CoinDesk in a notice.
