Bitcoin's Correlation with Gold Hits Six-Year High Amid Bond Market Pressure

The correlation between Bitcoin and gold has reached its highest level since 2020, with a 90-day reading of +0.50 in early September.

This means that for the past three months, both assets have largely moved in the same direction, often responding to changes in the bond market.

The Treasury's announcement on August 19 to at least double its long-dated bond buybacks led to increased liquidity and higher yields, which affected gold and Bitcoin's prices.

Some analysts argue that this correlation is temporary and driven by bond-market pressure, while others see it as a sign of Bitcoin becoming a true safe-haven asset like gold.