Gold vs BTC correlation signals Bitcoin becoming safe haven: BofA

Cointelegraph

Published Oct 25, 2022 06:05AM ET

Updated Oct 25, 2022 07:40AM ET

Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC) as a safe haven, a new study suggests.

The rise in the correlation between Bitcoin and gold (XAU) is one of the major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America (NYSE:BAC).

Source: Bank of America

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