Bitcoin and gold draw closer as correlation with dollar and equities weakens

The "digital gold" narrative resurfaces as Bitcoin drifts from Nasdaq and S&P 500.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

As Bitcoin's journey unfolds in the shifting sands of late 2024, its once-tight dance with traditional equity indices like the Nasdaq and S&P 500 is loosening its grip. This change, driven by macroeconomic twists and turns in the US political and economic landscape, is reshaping how Bitcoin is perceived — not just as a tech-driven risk asset, but perhaps as something else entirely. As the dollar's influence wanes and Bitcoin's path converges with gold, one has to wonder: Is Bitcoin being embraced as the new "digital gold"? Discover what this means for Bitcoin's future...