Bitcoin’s Correlation With Gold Tops 50% as Nasdaq Link Weakens, Grayscale Says
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While the 90-day correlation between Bitcoin and gold has risen above 50%, the correlation between the cryptocurrency and the Nasdaq 100 has dropped from 60% to 33%. Grayscale attributes this change to rising US debt and investors seeking protection against value loss.
While Bitcoin's correlation with the Nasdaq 100 has declined, its correlation with gold has reached one of its highest levels in recent years. Analysts believe that the US debt exceeding $40 trillion and the growing budget deficit are driving investors towards assets with limited supply.
Before its recent surge, Bitcoin, which had been moving in tandem with technology stocks, has seen a dramatic shift. The correlation between Bitcoin and gold has reached its strongest levels in recent years, while the link with the Nasdaq has weakened significantly. It is believed that a single fear underlies this change.
Bitcoin’s Correlation With Gold Tops 50% as Nasdaq Link Weakens, Grayscale Says
Bitcoin is showing signs of a stronger alignment with traditional safe-haven assets as its relationship with gold strengthens, while its correlation with technology stocks continues to weaken. According to Grayscale, Bitcoin’s correlation with gold has risen above 50%, highlighting a potential shift in how investors view the cryptocurrency amid changing market conditions and broader macroeconomic […] The post Bitcoin’s Correlation With Gold Tops…
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