ME News reports that on September 5 (UTC+8), André Dragosch, Head of European Research at Bitwise, noted in a client memo that Bitcoin rose 22.4% in one week, marking its largest weekly gain since March 2024, while gold increased by approximately 5% and equities declined. According to Bitwise data, the 90-day correlation between Bitcoin and gold reached its highest level in nearly six years. André Dragosch stated that a similar pattern last occurred in 2020, when governments and central banks implemented fiscal and monetary stimulus measures in response to the COVID-19 crisis. Bitwise noted that, based on its 90-day indicator, Bitcoin was negatively correlated with the U.S. Dollar Index as of the end of August, suggesting that a weaker dollar benefits both Bitcoin and gold. (Source: Foresight News)
Bitcoin and gold show the highest 90-day correlation in six years.
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Summary
Bitcoin news shows that the 90-day correlation between Bitcoin and gold has reached its highest level in nearly six years, according to André Dragosch, Bitwise’s European Research Director. Bitcoin rose 22.4% in a week—its largest weekly gain since March 2024—while gold climbed approximately 5%. This movement mirrors the stimulus-driven market behavior seen in 2020. Bitwise also noted a negative correlation between Bitcoin and the U.S. Dollar Index in late August. Fear and Greed Index readings suggest shifting sentiment amid the rally.
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