Bitcoin Surges Amid Safe Haven Appeal and Gold Correlation

Bitcoin has broken out of its recent range and reached a four-month high of $82,262 this week, fueled by investors seeking safe havens due to volatility in traditional markets.

The largest cryptocurrency's price has been stuck between $60,000 and $70,000 since early June, but it finally broke through that ceiling late last month and has continued to rise.

In a note to clients, Bitwise's director of research for Europe, André Dragosch, noted that Bitcoin's recent upswing is due to investors treating it more like a store of value than a risky tech stock.

Dragosch also pointed out that Bitcoin's 90-day correlation with gold has neared a six-year high, which he attributes to the growing concern about 'financial repression' and rising inflation forecasts.