Presto Research: China's central bank's interest rate cut has caused little reaction in the cryptocurrency market

On September 24th, Rick Maeda, a research analyst at Presto Research in Singapore, pointed out that today's RRR cut by the People's Bank of China caused little reaction in the cryptocurrency market, but it triggered a rise in Asian stocks, with Hong Kong's Hang Seng Index rising 3.2% and the Shanghai Composite Index rising 2.3%. Bitcoin's lack of response to the news, too, seems to indicate that Bitcoin's movements may be more closely tied to Federal Reserve policy and the U.S. market, as evidenced by Bitcoin's high correlation with the U.S. stock market in the past two years, especially after last week's FOMC meeting. (CoinDesk)