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Rick Maeda, a research analyst at Presto Research in Singapore, pointed out that the central bank’s cut in reserve requirement ratio and interest rate has hardly caused any reaction in the cryptocurrency market, but has triggered a rise in Asian stock markets. For example, the Hang Seng Index in Hong Kong rose by 3.2%, and the Shanghai Composite Index rose by 4.15%. Bitcoin’s lack of reaction to the news contrasts with the rise in Chinese stock indices, highlighting that its current beta value seems to be more closely linked to the Fed’s policies and the US market, especially after last week’s FOMC meeting, when the correlation with US stocks is close to a two-year high.
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