The 20% increase in Bitcoin's price indicates a halt in its correlation with Nasdaq. Is it the new gold?
BTC's correlation with gold amid falling stock prices. Source: Alex Svanevik's account on X. Bitcoin's price rose by 20% two weeks before April 22, matching the rise in gold's price to $3,500 despite the escalating trade war between the world's two leading economies, reflecting a potential decline in BTC's historical correlation with U.S. stocks and an increase in its correlation with gold.
The trade war caused by tariffs has raised concerns about inflation and the devaluation of traditional currencies, encouraging investors to turn to alternative stores of value - such as gold and Bitcoin.