Bitcoin’s ‘split personality’ on display as gold hits new record: Analyst
Gold surged to a record high after Donald Trump’s “no inflation” comments, but Bitcoin fell to a two-month low, breaking their correlation pattern.
The price of gold hit an all-time high after US President Donald Trump commented on inflation on his social media platform, but Bitcoin was moving in the opposite direction on Monday, in what could be seen as an example of Bitcoin’s “split personality.”
Over the past two and a half years, there has been a strong correlation between gold, Bitcoin, and the Nasdaq, with all of them ripping higher, IG market analyst Tony Sycamore told Cointelegraph.
“At times, Bitcoin is viewed as a store of value or a safe haven, and at other times it’s viewed as a risk asset,” he added.