On analyzing the recent price trajectories of the entities in question, it was evident that the digital assets and real-world assets were moving on separate wavelengths.The king coined has been sluggish lately, with the price at the time of publication being 0.76% lower than three months ago. The asset was stuck in a narrow trading range between $29,000-$31,000 after its last meaningful rally in June.
Meanwhile, equities have marched higher. Big Tech has pumped 15% in the same time period, while the S&P 500 and the Dow have risen by 8.26% and 4.13%, respectively.The development holds significance. Notably, for a long time, both Bitcoin and equities were part of the risky asset category. Ryan Grace, Head of Digital Assets at tastycrypto, attributed Bitcoin’s negative correlation to crypto-specific events like regulatory headwinds. He pointed out that the absence of any immediate catalyst was pulling traditional investors away from Bitcoin and crypto.
Grace added that the excitement and popularity around AI has also contributed to an increased interest in tech stocks vis à vis crypto markets.In a nutshell, trends like these are generally cheered by proponents of Bitcoin’s safe haven narrative. If the asset stops reacting wildly to every real-world trigger, it could be used as a refuge in times of financial risk, akin to gold.how Bitcoin’s volatility relative to gold has been declining steadily over the past few years.
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