Bitcoin price does not respond to market signals – paper

Researchers find cryptocurrency value “orthogonal” to most economic indicators


A paper published by the Federal Reserve Bank of New York has found macroeconomic signals have little consistent effect on bitcoin’s price, in contrast to other asset classes.

The Bitcoin-Macro Disconnect, by Gianluca Benigno and Carlo Rosa, looks at bitcoin’s market price in the US between 2017 and 2022. Benigno is a New York Fed researcher, while Rosa is a director at Barclays Investment Bank.

The authors compare bitcoin’s price with that of foreign exchange pairs, gold and silver, and

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