Bitcoin Soars to Highest in 5 Months as Correlation With Gold Turns Negative

The price of bitcoin hit the highest in over five months, as an increasing number of traders dived into the cryptocurrency in hopes that it would once again soar to the record highs witnessed earlier this year.

Bitcoin was up by more than 1% on Tuesday morning before settling to just above $56,000, marking a weekly gain of over 15% and the highest since May. The latest rally is the result of a number of factors, particularly the fading of concerns regarding regulatory efforts in the US and China, as well as the SEC potentially approving the first bitcoin ETF.

In the meantime, according to Ned Davis Research strategist Pat Tschosik, the one-year correlation between gold and bitcoin has been steadily declining, and is about to turn negative, suggesting that the prices are no longer moving in unison. “Bitcoin could be seen as the preferred inflation hedge if the dollar and real rates are rising,” Tschosik told CNBC.


Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Pure Gold: Forest Fire Breaks Out Nearby Madsen Mine

It appears that a forest fire has broken out nearby to Pure Gold Mining’s (TSXV:...

Monday, August 10, 2020, 10:28:00 PM

New Found Gold Releases Further Assays At Golden Joint Zone

New Found Gold (TSXV: NFG) this morning reported further drill results from its ongoing exploration...

Thursday, September 30, 2021, 08:31:15 AM

Exploits Discovery Identifies New Veins At Dog Bay With Visible Gold

Exploits Discovery Corp (CSE: NFLD) this morning announced that it has discovered several new sulphide...

Wednesday, December 2, 2020, 08:09:38 AM

Superior Gold Sees Production Improve To 17,603 Ounces In Q1 2021

Superior Gold (TSXV: SGI) this morning released production results for the first quarter of 2021,...

Monday, April 12, 2021, 07:43:58 AM

New Found Gold Begins 12,000 Metre Drill Program At Keats Zone

New Found Gold (TSXV: NFG) this morning announced that it has begun its 12,000 metre...

Wednesday, September 9, 2020, 09:12:23 AM