Bitcoin Decouples From Gold as Crypto Continues in Bearish Phase

The correlation between bitcoin and gold has turned sizably negative of late, according to CryptoQuant, with gold recently pushing to new record highs above $2,500 per ounce while bitcoin has been declining and now sits more than 20% below its all-time high above $73,000 from March. The move into gold and out of bitcoin has come as U.S. stocks have struggled, with the S&P 500 slipping 3.6% since August 30.