Analyst: Bitcoin's Correlation with Gold Reaches 0.7

April 28 news, CoinDesk analyst James Van Straten stated that as of now, Bitcoin has dropped approximately 1.5% since December 31 last year, positioning its performance between the 24% rise of gold and the over 7% decline of the Nasdaq 100 index. Therefore, the notion of positioning Bitcoin as either a leveraged tech stock or digital gold slightly leans towards the digital gold perspective, but just barely.

By analyzing the 30-day moving average correlation coefficient of Bitcoin, it currently shows a strong correlation with gold at 0.70, while exhibiting a weaker correlation with the Nasdaq 100 index at 0.53. This indicates that Bitcoin's performance is more akin to the trend of gold, rather than that of tech stocks.