Gold Becomes King As Investors Ditch Crypto For Safe Haven Assets
CryptoNewsTerminal Staff11 Sep, 2024
Gold Becomes King As Investors Ditch Crypto For Safe Haven Assets
CryptoQuant has reported that Bitcoin’s correlation to the stock market is growing, while its correlation to gold has been declining. According to CryptoQuant's proprietary bull-bear indicator, BTC has been in a bear market since August 27. The MVRV, which gauges the market value to the realized value, has fallen below its 365-day average, indicating a risk of further price adjustments. Moreover, the SOPR for long-term holders (LTH) has been trending downward. As gold rises and BTC falls, investors are choosing to hedge their risks with traditional safe havens like gold.