Will Economic Data Impact Cryptocurrency Prices?

there is an article on the internet that discussed about this and the paper said – Crypto markets appear to perform strongly during periods of low market volatility and less well during high volatility. Cryptocurrency prices seem to be less affected by macroeconomic factors than prices of more traditional financial assets. https://www.spglobal.com/content/dam/spglobal/corporate/en/images/general/special-editorial/are-crypto-markets-correlated-with-macroeconomic-factors.pdf

But this published in 2023 and the research I believe long before it. If you take a look right now bitcoin most of it correlating with the price of gold and the gold is correlating with the economic calendar like a lot if you see a high shadow in candlestick make sure to check economic calendar first