Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin's price has been positively correlated with the size of the People's Bank of China's balance sheet over the past eight years.
A strong correlation means a co-efficient of 0.6-0.9, and 0.8-1 is considered a very strong correlation. Correlations are a statistical measure of how two variables are related and can be used in financial markets to predict or track asset prices. BTC has gained nearly 3% this week and is up over 10% for the month, according to CoinDesk data. Asian stocks led by China have also surged in the wake of PBOC's stimulus bazooka. The CSI 300 Index of large-cap shares soared 4.5% on Friday, bringing this week’s gain to 16% in the biggest run since 2008.Like the U.S., China's stimulus aims to lower unemployment and spur business growth.
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