Bitcoin Loses Sync with Gold, Stocks, and Dollar
Bitcoin has broken its correlation with gold, stocks, and the US dollar, according to data from Santiment. In recent weeks, Bitcoin's relationships with these traditional markets have weakened significantly.
The breakdown in correlations is particularly notable for Bitcoin's relationship with gold, which had moved at the same pace as the cryptocurrency just a few weeks ago.
Bitcoin rebounded from a dip to $75,000 following the failure of the CLARITY Act vote and surged to a multi-month peak of over $87,000. The shift in correlations is striking because the opposite narrative dominated only a few weeks ago.
The data shows that Bitcoin's market cap has grown by +36.0% since August 18, dramatically separating from the S&P 500's +0.8% and gold's -1.5% performances in that same time period.