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On-chain analytics provider CryptoQuant pointed out an emergent negative correlation between Bitcoin (CRYPTO: BTC) and gold, indicating a risk-averse market.
What Happened: The analytics firm stated that as gold prices hit record highs, Bitcoin prices have been on a downward trend. This negative correlation suggests a market leaning towards traditional safe-haven assets like gold.
In early August, Pseudonymous technical analyst TXMCtrades argued that despite sharing certain properties with gold, Bitcoin’s market behavior is not identical due to varying levels of understanding and acceptance among investors.
The concept of "new gold" is yet to be accepted by the majority of investors and a future financial crisis could shift the perceptions of how cryptocurrencies are perceived.
Also Read: Bitcoin Gearing Up For Next Bull Run? On-Chain Analysis Says It Just Might Be
The decoupling of Bitcoin from gold is significant in the current market scenario. Gold advocate Peter Schiff recently argued that Bitcoin lacks intrinsic value and is destined to fail, drawing a stark contrast between gold’s physical properties and Bitcoin’s digital nature.
Earlier this year, JPMorgan Chase & Co. explored a hypothetical scenario where Bitcoin’s market capitalization reaches parity with gold’s presence in investment portfolios. However, the bank cited the inherent risk and volatility associated with cryptocurrency as significant barriers to this achievement.
With Bitcoin’s recent decoupling from gold, it remains to be seen how the market dynamics will evolve in the coming days.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $BTC
