Wu Blockchain reports that, according to The Kobeissi Letter citing data from Bitwise Asset Management and Bloomberg, as of August 31, the 90-day rolling correlation between Bitcoin and gold has risen to approximately +0.50, nearing the high levels seen during the 2020 pandemic, and has more than doubled since the beginning of the year. In contrast, the 90-day correlation between Bitcoin and the Nasdaq 100 has dropped to around -0.30, marking a one-year low. The Kobeissi Letter notes that the rise in BTC's correlation with gold accelerated further after the U.S. Treasury announced on August 19 that it would increase the single-session cap for long-term bond buybacks from $2 billion to at least $4 billion. The market is increasingly viewing gold and Bitcoin as asset allocation tools to hedge against currency depreciation. https://(wublock123.com)/news/bitcoin-gold-correlation-hits-six-year-high-nasdaq-correlation-one-year-low-67895