How Bitcoin is drifting away from tech stocks… and
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How Bitcoin is drifting away from tech stocks… and straight into gold’s territory!
For years, Bitcoin [$BTC] has been nicknamed “digital gold.” However, the first crypto’s role as a store of value has been evolving over the years.
Will $BTC compete with gold in time
Asset traders are used to Bitcoin behaving a certain way. That may be changing now. In fact, for much of the past year, $BTC moved closely with the Nasdaq. In doing so, it confirmed $BTC’s technology asset nature.
This has gone for a toss now. Especially since according to recent readings, Bitcoin’s 90-day correlation with the Nasdaq fell from above 60% to 33%.
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