Bitcoin is little changed ahead of PBOC rate cut

The People’s Bank of China has taken measures to stimulate the economy, including reducing the reserve requirement ratio for continental banks by 50 basis points. The move drew little response from crypto prices. Asian shares, on the other hand, rose, with Hong Kong’s Hang Seng up 3.2 percent and the Shanghai Composite up 2.3 percent. “Bitcoin’s lack of response to this news, juxtaposed against the rise in Chinese indices, highlights that current beta appears more closely tied to Fed policy and US markets, as evidenced by nearly two years of high correlations with US equities, particularly after last week’s FOMC meeting. Rick Maeda, a Singapore-based research analyst at Presto Research, wrote to CoinDesk in a note.