Grayscale Says Bitcoin’s 90-Day Correlation With Nasdaq Falls to 33%, Gold Link Rises to 50%
JH Kim
Summary
- Grayscale said the 90-day correlation between Bitcoin and the Nasdaq fell to 33% from 60%.
- Over the same period, the correlation between Bitcoin and gold rose to about 50%.
- As a result, Bitcoin’s price action has diverged from technology stocks while its correlation with gold has strengthened.
Forecast Trend Report by Period
Bitcoin’s correlation with the Nasdaq has weakened, while its correlation with gold has strengthened.
Cointelegraph reported on September 2, citing Grayscale, that Bitcoin’s 90-day correlation with the Nasdaq fell to 33% from 60%.
Over the same period, Bitcoin’s correlation with gold rose to about 50%.
That indicates Bitcoin’s recent price moves have diverged from technology stocks while becoming more closely aligned with gold.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.