COINOTAG News, September 24 – According to Rick Maeda, a research analyst at Presto Research based in Singapore, recent policy changes by China’s central bank, including the reduction in reserve requirement ratios and interest rates, have not significantly impacted the cryptocurrency market. However, these policy shifts have sparked a noticeable uptick in Asian stock markets. Specifically, Hong Kong’s Hang Seng Index surged by 3.2%, while the Shanghai Composite Index climbed 4.15%.
In contrast, Bitcoin’s price remained largely unaffected by this news, underscoring its current alignment with U.S. monetary policy and the Federal Reserve’s decisions. This comes after the latest FOMC meeting, highlighting a near two-year high in the correlation between Bitcoin and U.S. stock indices. This distinct behavior suggests that Bitcoin’s performance is increasingly influenced by developments in the U.S. financial landscape rather than Asian market movements.