Crypto Market Continues to Fall, Bitcoin Breaks Away from Gold

Daniel

Risk-averse investors are opting for traditional assets like gold over bitcoin (BTC).

According to CryptoQuant data, the correlation between bitcoin and gold has turned significantly negative recently, with gold recently hitting new record highs above $2,500 per ounce while bitcoin has been falling. The leading cryptocurrency appears to be down 20% from its all-time high of $73,000 recorded in March. The shifts into gold and bitcoin come as the S&P 500 has fallen 3.6% since Aug. 30 and U.S. stocks have fallen.

CryptoQuant’s Bull-Bear Market Cycle Indicator has been in the BEARISH territory since August 27, when BTC was trading at $62,000.

CryptoQuant reported that the MVRV ratio (market value-realized value) has been below its 365-day moving average since August 26. This could lead to further price corrections in the future. The MVRV ratio remaining below the moving average had heralded a 36% drop in May 2021.

The decline in bitcoin’s price came alongside a decline in the US dollar index, another indicator of risk aversion and uncertainty, the data showed.

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