The correlation between the cryptocurrency Bitcoin (BTC) and gold has risen to its highest level in approximately six years since 2020, according to a report by U.S. cryptocurrency asset management firm Bitwise dated September 2.
Andre Dragosch, the firm's Head of Research in Europe, noted that in phases of heightened macroeconomic concerns, investors are beginning to treat Bitcoin and gold indistinguishably, with Bitcoin exhibiting price movements that seem to amplify those of gold.
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