In its latest cryptocurrency newsletter, Bloomberg News said, according to its records, the correlation between Bitcoin (BTC) and gold has reached its highest level since Year 2010.
and if you find other online charts tracking the correlations between the two origins, you will likely see something that contradicts Bloomberg's assertion. However, according to the agency, the correlation stands at 0.80.
However, according to Coin Telegraph, the caveat here is that Bloomberg calculates this metric differently than many other data providers: on a 12-month basis, the currencies are pegged. At around 0.80, the highest in our database since 2010.
Instead of specifying the daily correlation, Bloomberg calculates the correlation between the data on a monthly basis, hence the difference.
McGlone believes that the recent decline in the Bitcoin price was driven by the fall of the Nasdaq Index, and concluded that if gold maintains the price level above $ 1900, it expects it to remain a currency Bitcoin above $ 10,000.
the standard correlation between the original hedging can be explained by the fact that we are witnessing economic turmoil unprecedented in Bitcoin's short history. The infusion of trillions of fiat currencies into the global economy could prompt investors to seek refuge in alternative assets.
(Amazon Fun Knowledge)
