Bitcoin and gold have highest correlation in over a year, as gold approaches its all time high

There’s currently a 93% correlation between gold and Bitcoin.

Quick Take

Many narratives occur in the Bitcoin ecosystem, and one of them is Bitcoin is digital gold due to the fundamentals of supply and demand.
BTC and gold have had a significant correlation throughout 2022 and have mirrored each other, albeit BTC was a lot more volatile than gold, as shown in the trading view graph below.
However, the correlation did go away when the FTX collapse occurred, which fundamentally had nothing to do with Bitcoin other than FTX holding Bitcoin on its balance sheet.
As the dust settles from the FTX collapse, the correlation has shot up to a one-year high of 93% correlation, while gold is on the periphery of breaking out to an all-time high approaching $2k an ounce.

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.