Bitcoin Correlation To Gold, Silver Drops To Cyclical Lows: Glassnode

NewsBTC
NewsBTC

28 Jun 2023 1:00 PM

Data from Glassnode shows the Bitcoin correlation to Gold and Silver has taken a plunge towards cyclical lows recently....

  • Data from Glassnode shows that the correlation between Bitcoin and Gold/Silver has reached cyclical lows.
  • The correlation indicator measures how closely Bitcoin moves with a particular asset over a given time period.
  • A positive correlation means Bitcoin mimics the movements of the asset, while a negative correlation suggests Bitcoin moves in the opposite direction.
  • The recent surge in Bitcoin's price has caused the correlation with Gold and Silver to turn negative.
  • The 30-day correlation values for Bitcoin with Gold and Silver are -0.78 and -0.90, respectively.
  • This decoupling is due to the decline in Gold and Silver prices while Bitcoin has experienced a sharp rally.
  • The break in correlation raises questions about whether Bitcoin will remain decoupled or if it's only temporary.

The sentiment of the article is neutral. It provides factual information about the correlation between Bitcoin and Gold/Silver without expressing a positive or negative opinion.

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You May Ask

What does the correlation indicator measure?What does a negative correlation between Bitcoin and Gold/Silver mean?Why has the correlation between Bitcoin and Gold/Silver turned negative?What are the current 30-day correlation values for Bitcoin with Gold and Silver?Will Bitcoin remain decoupled from Gold and Silver in the future, or is it temporary?

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