Recently, there has been a noticeable shift in the correlation between bitcoin and gold. According to CryptoQuant, while gold has been reaching new record highs above $2,500 per ounce, bitcoin has been on the decline, currently more than 20% below its peak of over $73,000 in March.
This shift has coincided with the struggles of U.S. stocks, with the S&P 500 slipping 3.6% since August 30. Investors seem to be moving away from bitcoin and towards traditional safe-haven assets like gold in response to the uncertainty in the stock market.
As gold continues to soar, surpassing its previous highs, it will be interesting to see how bitcoin responds in the coming days and weeks. Will this negative correlation persist, or will bitcoin regain its footing and start to climb once again?
