Bitcoin-Gold Correlation Increases as Investors Pour into BTC
According to a new study, investors are increasingly looking into Bitcoin (BTC) as a safe haven. According to strategists at the Bank of America, the increasing correlation between Bitcoin and Gold (XAU) is a signal that investors’ confidence is increasing toward BTC. The BTC and gold correlation has been increasing since September and hit a yearly high in early October. As per the Bank of America strategists, Bitcoin is a fixed supply asset, and “may become an inflation hedge.” Source: Bank of America, CoinTelegraph The increase in the BTC/XAU correlation is one symptom of increased investor trust in Bitcoin as a store of value, but it is not the only one. Additionally, the correlation between BTC and popular stocks like the S&P 500 (SPX) and Nasdaq 100 (QQQ) has also grown. On September 13th, the correlation between BTC and both SPX & QQQ was at an all-time high. Massive Bitcoin transfers from exchanges to private or self -hosted wallets were also...