- The inverse relationship meant that when the price of BTC would rally, the bullion market would decline and vice versa.
- BTC has also shown increased decoupling from tech stocks.
The world’s largest crypto asset by market cap, Bitcoin [BTC], has shown increased decoupling from the major asset classes of the TradFi realm over the last few months. As per a tweet by on-chain analytics firm Glassnode dated 27 June, its 30-day correlation with precious metals like Gold [XAU] and Silver [XAG] tumbled to -0.78 and -0.9 respectively.
How much are 1,10,100 BTCs worth today?
The inverse relationship meant that when the price of BTC would rally, the bullion market would decline and vice versa.
BTC grows while bullion market plunges
On analyzing the recent price trajectories of the three assets in question, it was evident that the digital asset and the real-world assets were moving on separate wavelengths.
While “digital gold” Bitcoin, riding high on institutional interest in cryptos, has pumped 22% over the last two weeks, its real-world counterpart witnessed a decline of 2.3% in the same time period. Silver, on the other hand, experienced a bigger drop of over 5%.
A fascinating aspect of the price trend was how BTC rose in value alongside Gold and Silver after the U.S. banking crisis in March, exhibiting a strong correlation. However, the latest turn of events demonstrated a notable divergence.
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Author: Suzuki Shillsalot
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