Gold Standard: Bitcoin Correlation With Gold Hits Record High

Bitcoin's correlation with gold is growing as markets gyrate from geopolitical events and volatility in the bond market. According to TradingView data, Bitcoin's 30-day correlation with gold has climbed to +0.81, indicating a strong tendency for the two assets to move in tandem.

This shift away from traditional stocks and currencies comes as investors seek refuge in safe-haven assets amid growing concerns about the US fiscal situation. The US debt recently hit $40 trillion, causing Treasury yields to rise to their highest level in nearly 20 years.

The result is a sharp increase in prices for both Bitcoin and gold over the past month. Gold's price has risen by 14% in August, while BTC has climbed more than 25% during the same period, trading at $79,400 on August 28.