Grayscale's research shows that the 90-day correlation between bitcoin and gold has risen to above 50%, after the indicator stood close to zero at the start of the year. During the same stretch, the correlation between bitcoin and the Nasdaq 100 declined from a level of more than 60% to around 33%, according to the firm's data. The two relationships moved in opposite directions, with bitcoin tracking gold more closely while its link to the Nasdaq 100 weakened. Grayscale also called attention to U.S. debt breaking through $40 trillion on Aug. 18, saying worries about the fiscal deficit could encourage investors to once again treat bitcoin as a scarce monetary asset. At the same time, the firm stressed that correlation is not the same as causation; it only measures how two assets move together and can change quickly depending on the observation window. The research was reported by crypto.news.
Grayscale's research shows the 90-day correlation between bitcoin and gold has climbed above 50%. At the start of the year, that reading was close to zero. Over the same period, bitcoin's correlation with the Nasdaq 100 fell from more than 60% to around 33%, according to the firm.
Grayscale pointed to U.S. debt exceeding $40 trillion on Aug. 18, saying concerns about the fiscal deficit could push investors to once again view bitcoin as a scarce monetary asset. It added that correlation only measures how two assets move together; it does not imply causation, and the number can change quickly as the observation period shifts. (crypto.news)
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