Bitcoin Ties Itself to Gold as Tech Stock Correlation Fades

Bitcoin's behavior has shifted towards that of gold, according to a recent report from Bitwise. The firm found that Bitcoin's 90-day correlation with gold reached its highest level since 2020, while its relationship with tech stocks weakened.

The correlation between Bitcoin and the Nasdaq-100 fell to around 0.33 in late August, a one-year low. This drop suggests that investors are increasingly treating Bitcoin as a store of value, rather than a high-risk asset tied to tech stocks.

Bitcoin's price surge over the past week has also contributed to this shift. The cryptocurrency gained 22.4% in just seven days, while gold rose about 5%. This outperformance is notable, given that both assets moved higher in August.