The correlation between digital and physical gold has almost doubled in the last 3 months. This is evidenced by data from Bloomberg.
According to statistics, over the past year, the correlation between the BTC cryptocurrency and gold was at the level of 0.496. Over the past 3 months, this indicator has increased almost 2 times, reaching 0.837. Bloomberg notes that during the year, the correlation between the two assets reached different indicators. Inverse correlation of assets was observed in the region of 49% of the entire considered period of time, correlation during the fall – 22%, during the rise – 29%.
The author of the article, however, claims that 3 months is a short enough period of time to talk about certain conclusions regarding the relationship. Moreover, the analyst mentions the significant impact of the Tether stablecoin (USDT) on the value of Bitcoin and liquidity in the crypto markets. The article also draws attention to the influence of geopolitical and macroeconomic factors on the dynamics of two assets. Now the topic of the influence of hostility between China and the United States on the world economy is being actively discussed. Many analysts and investors believe that such "disagreements" between countries have a positive effect on the positions of BTC.
Many analysts, in particular from Delphi Digital and Morgan Creek Digital, note that the risk of depreciating fiat currencies is a powerful catalyst for the growth of digital and physical gold. Delphi Digital also drew attention to the fact that recently the attitude of the ECB, the People’s Bank of China, the Central Bank of Japan and the Fed towards the crypto industry has softened quite a bit, which also affects BTC indicators.
