Bitcoin Decouples from Stock Market, Correlation with Gold Strengthens
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Bitcoin ($BTC) has recently witnessed a notable shift when compared with the traditional finance. As per the data from OKX Ventures, Bitcoin has formally decoupled from the stocks market in the United States while strengthening its correlation with the precious metal gold. The prominent crypto exchange OKX’s investment arm offered insights into the latest shift in the Bitcoin market.
Bitcoin’s Sees Significant Rise in Gold Correlation Amid Decoupling with Stocks
OKX Ventures’s data points toward Bitcoin’s exclusive image as a “digital gold” as it is witnessing a noteworthy correlation with gold. In this respect, it has decoupled from the stock indices in the United States. Hence, a sheer dip has taken place in Bitcoin’s bonding with S&P 500 index over the past week. This metric has reportedly plunged from 0.68 to a much lower spot at 0.27.
In the same vein, Bitcoin’s bonding with the Nasdaq Composite has also followed suit with a significant slump. On the other hand, Bitcoin has seen a growing strength in correlation with gold. Particularly, from March 24th to April 23rd, Bitcoin’s price levels reportedly fluctuated within the $77.5K-$92.5K range.
All Eyes Focused on Potential Continuation or Reversal in Current Trends
Additionally, its bonding with S&P 500 index, despite initial strength, started a sheer dip following April 11. Ultimately, around the 22nd of April, this metric slumped below the correlation with gold. At the moment, as worldwide financial industry sees substantial volatility, market onlookers keep watching for the potential continuation in this pattern or reversion to the past trends.
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