Годинама, Битцоин (BTC) proponents have maintained that the crypto is in line to become a safe haven asset and a hedge against inflation with the possibility of replacing gold.
Notably, the reality of becoming a safe haven might be realized with the flagship цриптоцурренци recording increased correlation with the precious metal amid prevailing macroeconomic factors.
In particular, Bitcoin has hit a 40-day correlation with gold standing at 0.50 after the value stood at around zero in mid-August, Блоомберг пријавио у октобру КСНУМКС.
The correlation is putting Bitcoin into a focus as digital gold, following a period when the cryptocurrency has traded mainly in tandem with the дионице. Notably, both asset classes have been hammered by the prevailing inflation and interest rate hikes.
Bitcoin’s dropping volatility
However, Bitcoin’s value has been consolidating around the $20,000 level for weeks, a key driver for the asset’s dropping volatility. Notably, the asset has also emerged as less volatile than some equities products like the Dow Jones index, with the metric approaching најнижа вредност свих времена.
“A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU indicate that investors may view Bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen,” said a Bank of America strategist.
Bitcoin and gold’s potential to rally
As both Bitcoin and gold battle for safe haven status, a section of the crypto market believes the assets have a chance of recording significant returns in the future alongside protecting wealth.
По Финболду извештај, аутор књиге књига о личним финансијама 'Богати тата, сиромашни тата' Robert Kiyosaki, has maintained that the economy is likely to crash, and both Bitcoin and gold can act as a store of wealth.
Furthermore, Bloomberg Intelligence commodity strategist Mike McGlone has одржава after the widespread market correction in the first half of 2022 that both Bitcoin and gold are among the assets to lead the recovery.
At the same time, the analyst предложио that Bitcoin’s ability to remain stable after the latest Federal Reserve interest rate hikes indicates that the asset is maturing.
In the meantime, Bitcoin continues to consolidate around the $19,000 level, trading at $19,100 by press time.
odricanje: Садржај на овом сајту не треба сматрати саветом за инвестирање. Улагање је шпекулативно. Када инвестирате, ваш капитал је у опасности.
Source: https://finbold.com/bitcoin-correlation-with-gold-hits-40-day-high-as-battle-for-safe-haven-asset-intensifies/