Summary
- It was reported that the short-term correlation between Bitcoin and gold has hit its lowest level since February.
- Bitcoin's short-term correlation has fallen to -0.54, which is an unusual situation.
- The 90-day and 365-day correlations are still maintaining a positive correlation.
The short-term correlation between Bitcoin (BTC) and gold has hit its lowest level since February.
On the 19th (local time), Glassnode announced on X (formerly Twitter) that "the short-term correlation between Bitcoin and gold over the past 30 days has fallen to -0.54," noting that "this is the lowest level since February." However, the 90-day and 365-day correlations remain positive at 0.39 and 0.60, respectively.
Meanwhile, a positive correlation indicates a tendency for the two assets to move in the same direction.
As of 5:37 PM, Bitcoin is trading at $103,139 on the Binance USDT market, down 0.79% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
