Cryptocurrency

Bitcoin’s Correlation With Gold Hits Record High

CoinDesk reports,”Bitcoin is now more closely tied to safe haven gold than ever, possibly bringing the cryptocurrency greater resilience to risk aversion in the traditional markets. The 60-day correlation between the two assets is hovering at record highs above 0.5, according to Coin Metrics data. The positive correlation has strengthened sharply since the beginning of […]

CoinDesk reports,”Bitcoin is now more closely tied to safe haven gold than ever, possibly bringing the cryptocurrency greater resilience to risk aversion in the traditional markets.

• The 60-day correlation between the two assets is hovering at record highs above 0.5, according to Coin Metrics data.
• The positive correlation has strengthened sharply since the beginning of July, as the U.S. dollar started taking a beating against other major currencies.
• The sell-off in the greenback, the global reserve currency, is seen as boding well for scarce assets like bitcoin and gold…”

See the full story at CoinDesk.