Bitcoin BTC gold USdollar Gold's correlation with Bitcoin hits its highest level in a year
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As traders sold off assets like gold and to a lesser extent Bitcoin, the correlation between the two supposed inflation hedges has risen to its highest level in more than a year, according to a recent report from crypto market data provider Kaiko. While it's too soon to proclaim a ‘de-coupling between BTC and the equities market, its rising correlation with gold indicates that the market structure is beginning to shift.
According to Ole Hansen, head of commodity strategy at Saxo Bank, “Gold and the other semi-investment metals like silver and platinum will likely continue to remain under pressure until the market reaches peak hawkishness.”
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