Research shows that the collapse of FTX and related trends have been more effective in driving or lowering BTC prices in all fourth quarters than macroeconomic events such as interest rate hikes.

In a statement entitled "Bitcoin's fourth quarter 2022" released on Feb. 10, Sami Kasab and Charles Cora, research and investment analysts at Messari, found that the collapse of the exchange caused the price of bitcoin to fall by 25 per cent.

The report notes that the change in the reserve ratio has a much smaller impact than the price of the special currency, even after interest rate increases of 75 and 50 percentage points.

It also mentioned that as Bitcoin moved from centralized trading centers to self-service escrow wallets during this period, active wallets increased by 2% over the previous quarter.

Earlier this week, a research graduation paper from the Federal Reserve Bank of New York summed up a similar point of view.

The Feb. 8 article studied the relationship between the price of bitcoin in macroeconomic news and found that inflation was the only independent variable that had a significant impact on the price of bitcoin.

The authors of the article, research investment analysts Gianluca Benigo and Carol Flynn, compiled information from January 2017 to December 2022 to study the impact of macroeconomic information on various asset classes.

This study takes into account many types of macroeconomic news reports, including inflation, China's real economy, and innovative indicators of fiscal policy news information.

The author expressed surprise at their findings and came to a conclusion:

The important result is that, unlike other foreign asset classes, Bitcoin is orthogonal to loan coins and macroeconomic information. This kind of derailment is unthinkable, because under normal circumstances, occasional changes in the discount rate can harm the price of bitcoin, even when bitcoin is seen as purely speculative property.

Although the Fed insisted on raising interest rates at a record-breaking rate, Bitcoin got off to a good start in 2023, rising from $16557 to $21888, up less than 1/3, according to Yahoo Finance.