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Bitcoin correlation with gold hits six-year high
Bitcoin is increasingly exhibiting characteristics of a safe-haven asset, as its correlation with gold has surged to a six-year high. This shift suggests that investors are increasingly viewing the cryptocurrency as a hedge against currency debasement and rising US national debt, rather than solely as a high-beta technology asset. While Bitcoin's correlation with the Nasdaq has declined, its relationship with gold has strengthened, with some metrics showing a 90-day correlation exceeding 50%.
Market analysts note that this 'digital gold' narrative is supported by macroeconomic uncertainties, including persistent fiscal deficits and rising yields. Despite this trend, Bitcoin continues to experience volatility; its 90-day volatility remains higher than gold's, though the gap is narrowing. Technical indicators show Bitcoin consolidating near the $77,000 range, with traders on prediction platforms like Kalshi betting on a rise toward $82,000 by the end of September. Meanwhile, the Ethereum market has faced recent pressure from ETF outflows and liquidations, highlighting the divergent paths within the broader crypto sector.
Entities
Bitcoin · Bitcoin · Bitwise · Ethereum · Ethereum · Gold · Grayscale Investments · Iran · Nasdaq · United States
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] In Q4 2020, a correlation rise to 0.6 was followed by a 172% gain in Bitcoin. comparic.pl
- [○ 1 SOURCE] Institutional investors are reportedly building Bitcoin positions on Coinbase after months of selling dominance.
- [DISPUTED] The 30-day correlation between Bitcoin and gold reached a yearly high of 0.8. comparic.pl
- [○ 1 SOURCE] In Q4 2022, a correlation rise to 0.5 was followed by a nearly 350% gain in Bitcoin over 14 months. comparic.pl
- [○ 1 SOURCE] Bitcoin is consolidating near 77,600 USD while gold is priced above 4,300 USD per ounce. comparic.pl
- [○ 1 SOURCE] Bitcoin's 90-day volatility is approximately 36.2%, while gold's is 25.3%. cryptoslate.com
- [● 4 SOURCES] Bitwise reports that Bitcoin's 90-day correlation with gold has reached a six-year high. comparic.pl · www.criptotendencias.com · www.coincu.com · cryptoslate.com
- [DISPUTED] The 30-day correlation between Bitcoin and gold rose to a yearly high of 0.8. comparic.pl
- [○ 1 SOURCE] Traders on the Kalshi prediction platform are betting Bitcoin will reach $82,000 in September. u.today
- [○ 1 SOURCE] Bitcoin's True Market Mean, representing the average cost basis of active investors, is $76,350. crypto.news
- [○ 1 SOURCE] Grayscale describes the rising Bitcoin-gold correlation as a possible return of the 'debasement trade'. coinedition.com