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Bitcoin Is Now Correlated with Gold and Stocks: Digital Asset Data Report

  • Alex Dovbnya
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    Whether you like or not, Bitcoin is already shaping up to become a legitimate store of value   

Bitcoin Is Now Correlated with Gold and Stocks: Digital Asset Data Report
Cover image via 123rf.com
Contents

According to a new report released by crypto-related analytical firm Digital Asset Data, there is a growing correlation between Bitcoin and traditional assets, such as gold and stocks. Hence, it validates the narrative that the cryptocurrency that started it all has joined the ranks of hedge assets.

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The charts don’t lie 

Prior to Bitcoin’s rally in 2019, there was practically no correlation between Bitcoin and other markets. However, the top coin now seemingly moves in synch with gold. Hence, there is an ongoing war between the two camps about what assets can be considered a better store of value ahead of the brewing global recession.

The proponents of “digital gold” claim that the shiny metal is too archaic for the digital era. This essentially became the focus of Grayscale’s “Drop Gold” campaign.   

The correlation between gold, stocks, and Bitcoin
image by marketwatch.com

Meanwhile, as the chart above shows, BTC is inversely correlated to the US equities.  

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Is Bitcoin a safe haven?

The study mirrors the opinion previously voiced by Circle CEO Jeremy Allaire who believes that BTC can act as a safe haven asset. Allaire also suggested that a risk-off environment in the US stock market could be the reason for the coin’s recent price slump.

The findings tend to signal that Bitcoin is starting to behave more like a store of value and is potentially being used as a safe-haven asset during global uncertainty in traditional markets,” Ryan Alfred, president of Digital Assets Data.

Although Bitcoin bull Brian Kelly hates the term “safe haven,” he does admit that macro funds now view Bitcoin as an alternative to gold.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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TRX Price Goes Green as the Number of Registered Tron Accounts Hits 3.8 Mln

  • Yuri Molchan
    📰 News

    Tron’s TRX was the second highest-growing asset earlier today, as number of accounts on the network got over 3.8 mln

TRX Price Goes Green as the Number of Registered Tron Accounts Hits 3.8 Mln
Cover image via www.123rf.com

Justin Sun-founded Tron has reached another big milestone, this time it concerns the number of active accounts on the network.

From a recent tweet of a Tron community member, it is clear that the number of accounts registered on Tron now totals more than 3.8 mln – 3,803.403 as per the offered screenshot.

As per the Tron’s market stance, TRX has so far managed to hold on to position #11 on CoinMarketCap, where it has recently returned after spending quite a long while on spot #14.

Earlier today, Tron showed the second best price performance on the top 11 list, coming second after XRP.

XRP-TRX
Image by CoinMarketCap

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At press-time, TRX is sitting at $0.0165, showing a mild rise by 1.75 percent. As reported by U.Today earlier, this morning, the coin demonstrated a spike by 4.32 percent.

TRX price
Image by CoinMarketCap

As well as getting back to position #11 on CoinMarketCap, recently, Tron celebrated 500,000 new users joining the network. Another recent milestone reported by Justin Sun was the significant progress with users transferring their USDT coins to the Tron chain.

 

Are you bullish on further TRX price? Talk to us in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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