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Analyst: The correlation between Bitcoin and gold is as high as 0.7. Compared to U.S. tech stocks, Bitcoin's performance is closer to gold.
On April 28, CoinDesk analyst James Van Straten stated that as of now, Bitcoin has dropped about 1.5% since December 31 of last year, performing between gold, which has risen 24%, and the Nasdaq 100 index, which has fallen over 7%. Therefore, positioning Bitcoin as a leveraged tech stock or digital gold leans slightly toward the view of digital gold, but only just. By analyzing the 30-day moving average of Bitcoin, the correlation coefficient with gold is currently strong at 0.70, while the correlation with the Nasdaq 100 index is weaker at 0.53. This indicates that Bitcoin's performance is more closely aligned with gold's movement rather than that of tech stocks. The value of the correlation coefficient ranges from 1 (strong positive correlation) to -1 (strong negative correlation). Last week, Bitcoin's price rose by 10%, marking the strongest performance since the significant price increase following President Trump's election victory on November 17 of last year. Meanwhile, Trump's tariff policies continue to exacerbate economic uncertainty.
