Bitcoin Gold 90-day correlation reaches 0.50, near pandemic-era high

ChainCatcher reports: The Kobeissi Letter has posted that the price movements of Bitcoin and gold are becoming increasingly synchronized. The 90-day correlation between Bitcoin and gold prices has risen to +0.50, nearly matching the historical high set during the 2020 pandemic, and more than doubling since the beginning of the year. In comparison, after the bear market recovery in 2022, this 90-day correlation reached +0.30. The account notes that the recent acceleration in correlation occurred following the U.S. Treasury’s announcement on August 19 to at least double the size of its long-term Treasury buyback program, increasing it from $2 billion to $4 billion per operation. Meanwhile, the 90-day correlation between Bitcoin and the Nasdaq 100 Index has dropped to approximately 0.30, a one-year low. The account suggests that investors are increasingly treating both gold and Bitcoin as hedges against currency depreciation.