Bitcoin’s correlation with gold hints at return to haven status

According to research by the Bank of America, Bitcoin’s shifting relationship with traditional markets hints that investors may again be thinking of it as a haven asset.

The crypto market heavyweight has seen its correlation with gold increase from zero to 0.5 since mid-August, Bloomberg first reported, citing BoA digital assets strategists Alkesh Shah and Andrew Moss. Its correlation with major indexes has also flattened out below record highs, with the S&P 500 registering 0.69 and the Nasdaq hitting 0.72.