Bitcoin Correlation With Gold Hits Highest Level Since 2020
Bitcoin has reached its highest correlation with gold since 2020 as the cryptocurrency decouples from technology stocks and the S&P 500.
Bitcoin's correlation with gold has reached its highest level since 2020, according to data from Bitwise. This 90-day correlation peak occurred as Bitcoin decoupled from the S&P 500 and technology stocks during a period of rising U.S. Treasury bond yields and general market volatility.
During the second half of August, Bitcoin rose nearly 25% and gold climbed 5%, while equities declined. This market behavior mirrors trends observed during the Covid-19 pandemic when central banks implemented extensive fiscal and monetary stimulus. Bitcoin also demonstrated a negative correlation with the U.S. dollar toward the end of August.
As of September 3, Bitcoin is priced at $78,500 and gold is trading at $4,540 per ounce.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play