#LululemonTumbles20%OnWeakGuidance
Flash 24/7 | Bitcoin is approaching gold and a dormant wallet comes back to life after 16 years.
$BTC @Bitcoin
#Bitcoin❗ The crypto market is experiencing a quiet Saturday in prices but active underneath: Bitcoin and Ethereum barely budge, and behind the calm, stories are piling up that are worth watching.
◽Bitcoin is drawing closer to gold.
#BTC☀
The story of the day is one of a tightening relationship. The 90-day correlation between Bitcoin and gold rose to +0.50, close to the 2020 pandemic record and more than double what it was at the beginning of the year. In contrast, its correlation with the Nasdaq 100 fell to around +0.30, a one-year low: it is behaving less and less like a tech stock and more like a safe haven.
The shift accelerated after the U.S. Treasury announcement on August 19 that it would at least double its buybacks of long-term public debt, from $2 billion to $4 billion per operation. That kind of measure reinforces the idea of Bitcoin as an alternative asset against the loss of money’s value, although getting closer to gold does not yet mean behaving like it.
Flash 24/7 | Bitcoin is approaching gold and a dormant wallet comes back to life after 16 years.
$BTC @Bitcoin
#Bitcoin❗ The crypto market is experiencing a quiet Saturday in prices but active underneath: Bitcoin and Ethereum barely budge, and behind the calm, stories are piling up that are worth watching.
◽Bitcoin is drawing closer to gold.
#BTC☀
The story of the day is one of a tightening relationship. The 90-day correlation between Bitcoin and gold rose to +0.50, close to the 2020 pandemic record and more than double what it was at the beginning of the year. In contrast, its correlation with the Nasdaq 100 fell to around +0.30, a one-year low: it is behaving less and less like a tech stock and more like a safe haven.
The shift accelerated after the U.S. Treasury announcement on August 19 that it would at least double its buybacks of long-term public debt, from $2 billion to $4 billion per operation. That kind of measure reinforces the idea of Bitcoin as an alternative asset against the loss of money’s value, although getting closer to gold does not yet mean behaving like it.
