In April, many crypto market observers were writing about an ongoing decoupling or divergence of Bitcoin from equities, meaning that the trajectory of Bitcoin’s price took a different direction compared to stocks and equities. #bitcoin and Gold are up, while the American dollar and stocks are down. However, opinions among market experts on whether the Bitcoin and equities markets have truly diverged vary.
Some enthusiastically proclaim that Bitcoin has decoupled from risk assets and joined Gold as a safe haven. The reason is not hard to see: lately, Bitcoin and Gold have been the only major assets with positive price movements. On April 21, 2025, the price of Gold crossed the $3,400 mark for the first time. This unprecedented rally is widely seen as a response to growing uncertainty among investors, stocks and altcoins went through a wave of liquidations and some of the strongest declines in years, prompting a shift toward Gold.
For most of the 2020s, the gold price fluctuated between $1,800 and $2,000, only starting to climb in the fall of 2023. MacroTrends points to a correlation between the price of gold and global economic uncertainty. Another correlation is the alignment of gold prices with the level of U.S. national debt.