Bitcoin's weakening correlation with gold-backed PAXG token represents its recent behavior as a risk asset. reports godbole17
data tracked by Coin Metrics. The 60-day correlation between bitcoin and PAXG hit a record low of -0.5 early this month.talks began doing the rounds and the Fed pledged to fight the dreaded high inflation-low growth situation with interest rate hikes. A reading of 1 indicates that the two assets or variables are moving in lockstep, while -1 implies the two are inversely correlated.
Bitcoin proponents have long hailed the cryptocurrency as an inflation hedge, thanks to its maximum supply cap of 21 million andin the pace of supply expansion every four years. However, bitcoin isn't living up to its reputation as digital gold despite inflation reaching a four-decade high this year. The cryptocurrency has dropped 12% this year, while PAXG and gold have gained over 4%.
PAXG's market capitalization has nearly doubled to $613 million this year, according to CoinGecko. Tether gold , the second-largestData tracked by ByteTree shows bitcoin ETFs and exchange-traded products listed across Europe and in Canada and U.S. have bled over 11,000 BTC this month, pretty much reversing the March inflows.
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