Bitcoin-Gold Correlation Plunges To -0.88, Lowest Since 2022
Bitcoin is strongly moving in the opposite direction to Gold as the Correlation metric for the two has dropped to its lowest since November 2022. Bitcoin-Gold Correlation Is At Its Most Negative In Years As pointed out by on-chain analytics firm CryptoQuant in an X post, the Correlation Coefficient for Bitcoin and Gold has plummeted […]
Related News
Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation. Bitcoin Is Still Correlated To Gold On A Long-Term Scale In a new post on X, on-chain analytics firm Glassnode has discussed about how the Correlation between Bitcoin and Gold is […]
Data shows the correlation between Bitcoin and Gold has turned negative, a sign that the two assets are moving in the direction opposite to each other. Correlation Coefficient Is Now Underwater For Bitcoin & Gold In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Correlation Coefficient between Bitcoin and Gold. The Correlation Coefficient is a tool from statistics that measures the relationship between two given variables over a given period, typically one month. In the current case, the variables are the prices of BTC and Gold. Related....
Bitcoin decoupled with the stock market and saw its correlation with gold rise to a level not seen since last year. Bitcoin (BTC) and gold are no longer investors’ primary choices as inflation hedges amid the strengthening United States dollars. The current turmoil in financial markets added to the geopolitical tensions has run havoc on the majority of the assets that investors prefer to invest in during times of financial crisis.Bitcoin has lost nearly 70% of its market cap since the market top last year while gold, which strengthened its position in the first quarter of the year despite....
Bitcoin tails the gold market but with a delay. And the lagging correlation now suggests that the cryptocurrency would rise to $25,000.
Bitcoin’s growing correlations with gold, S&P 500 and Nasdaq 100 indicate that investors see BTC as a “relative safe haven,” BofA strategists wrote. Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC) as a safe haven, a new study suggests.The rise in correlation between Bitcoin and gold (XAU) is one of major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America.Bitcoin’s correlation with gold — which is commonly viewed as an inflation hedge — has....