Bitcoin–gold correlation surges to +0.50 (near 2020 pandemic highs) as investors seek currency debasement hedges, while Bitcoin–Nasdaq correlation drops to 1-year low.
Macro & Markets ·
The 90-day price correlation between Bitcoin and gold has climbed to +0.50, approaching levels seen during the 2020 pandemic, with the metric more than doubling since January. Following the U.S. Treasury's August 19th announcement to raise long-dated debt buybacks from $2 billion to $4 billion per operation, the pairing's synchronized movement has accelerated as participants seek protection against currency debasement. Bitcoin's correlation with the Nasdaq 100 has meanwhile fallen to roughly +0.30, marking a 1-year low.