Experts Warn the Correlation of Gold and Bitcoin Is Increasing

Reading Time: < 1 minute

According to a new study by Kaiko, the price correlation coefficient of gold and BTC has exceeded 0.3. Over the past year, the indicator has fluctuated in the corridor from -0.3 to 0.2.

The company experts have stressed that gold failed to confirm the status of the safe-haven asset against the backdrop of tightening the Fed’s monetary policy. Due to the strengthening of the dollar, the correlation of the precious metal with Bitcoin has increased.

The change in the situation could also be indirectly affected by the situation in the UK debt market. The jump in yields of 30-year government bonds to the maximum since 2002 of 5% was replaced by a decrease against the background of the launch of a temporary round of the asset buyback program by the Bank of England.

They have explained:

“This calmed the situation at the moment, but fears about ‘global contagion’ and further risk aversion are growing.”