• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • Blockchain Economy Summit, Istanbul (July 27-28, 2022)
    • Web3 Delight, Lagos (July 29, 2022)
    • NFT Expoverse, Los Angeles (July 29-31, 2022)
    • World Financial Innovation Series, Philippines (August 16-17, 2022)
    • Coinfest Asia, Bali (August 25-26, 2022)
    • Game On! (September 8-9, 2022)
    • MetaWeek, Dubai (September 11-14, 2022)
    • Future Tech Event, Oman (September 12-13, 2022)
    • METAVSUMMIT, Dubai, UAE (September 14-15, 2022)
    • NFT Show Europe, Spain (September 17-18, 2022)
    • TOKEN2049, Singapore (September 28-29, 2022)
    • Blockchain Expo North America (October 5-6, 2022)
    • AIM Summit, Dubai (November 21-22, 2022)
  • Past Events
    • Event Horizon
    • Blockchain Life
    • BlockShow Europe

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Trade on the world's major crypto exchanges:
Binance | FTX | Huobi
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

Bitcoin and gold march in lockstep in the last three months

August 13, 2019 By Crypto Reporter

The price of bitcoin has been moving in the same direction as gold since June. That could not go unnoticed.

The correlation between bitcoin and gold has increased two times recently, writes Bloomberg. This measure over the past year is 0.496, but for the last three months it has spiralled up to 0.837. (A correlation coefficient of 1 indicates that the assets move perfectly alongside each other, whereas -1 shows the change in exact opposite directions). 

Bloomberg notes that three months of trading data isn’t enough to draw ideal statistical conclusions, but yet the trend should not be ignored – investors always seek a refuge at times of turbulence. Something similar happened in 2016 when the UK announced the exit from the European Union, causing the pound to take a sharp dive. Since then economic and political uncertainty provided more evidence that bitcoin joined gold as a heaven asset. 

But bitcoin is not only affected by market forces, adds Bloomberg. Tether, a stablecoin, likely plays a major role in the liquidity of crypto markets and has an impact on bitcoin. These occurrences lead to beliefs that such moves cannot be random.    

Filed Under: General News, News Tagged With: bitcoin, cryptocurrency, gold, news

Primary Sidebar

Follow Us

Press Releases

Axelar, Aurigami, and Trisolaris Join Forces to Bring Secure Cross-Chain Lending and Liquidity to NEAR Protocol’s Aurora

August 9, 2022

THORWallet DEX Integrates Rango Exchange to Expand DeFi Swapping Possibilities

August 8, 2022

Asia’s Largest Web3 Event TOKEN2049 Hits 200 Sponsor Milestone, Announces New Headline Speakers

August 8, 2022

Project Eluüne: StarGarden Expands to Polygon Amid Multimillion Dollar Funding Round

August 5, 2022

Longevity: Rejuve launches AI-powered app to remove privilege from the fight against ageing

August 5, 2022

CME Group to Launch Euro-denominated Bitcoin and Ether Futures on August 29

August 5, 2022

BitMEX launches the first-ever FX perpetual swap contracts, bringing crypto innovation to worldwide forex markets

August 4, 2022

CoinDCX announces UNFOLD 2022, a Web 3.0 event to showcase India’s role in building a new internet economy

August 4, 2022

NFT Expoverse

WFIS2022

Coinfest Asia

MetaWeek

Future Tech Event

NFT Show europe

AIM Summit

Footer

Crypto Reporter is an online magazine about digital currencies and blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2022 Crypto Reporter