According to CryptoQuant, in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold over Bitcoin (BTC).
CryptoQuant data shows that the correlation between bitcoin and gold has fallen sharply recently, with gold recently hitting a new high above $2,500 an ounce, while bitcoin has been falling and is now more than 20% below its all-time high above $73,000 set in March. Investors have been buying gold and selling bitcoin, while the U.S. stock market has also been in trouble, with the Standard & Poor's 500 index down 3.6% since August 30.
CryptoQuant said that the decline in bitcoin prices has also been accompanied by a decline in the U.S. dollar index, another indicator of broader risk aversion and uncertainty.
CryptoQuant: Bitcoin movement decoupled from gold, investors seem to prefer gold
2024-09-11 17:48:53
Cryptoquant current avoidance risk environment investors seem favordesk3cryptocurrencydesktopCrypto News
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