Bitcoin and precious metals became inversely correlated in July
2024-08-06 19:46:53
The sell-off in crypto assets is a rare test of an industry creed - that bitcoin is synonymous with "digital gold", so inclusion in an asset portfolio can be a hedge against stock market volatility. Stocks tumbled on Monday, and carry trades squaring positions. Bitcoin behaved more like stocks than gold, plunging 17% at one point to below $50,000 before recovering some of its losses. Data compiled by Bloomberg showed that bitcoin and precious metals became inversely correlated in July.
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