What is the correlation between the price of gold futures and cryptocurrency?

1 answers

• Goekhan KartalOct 10, 2022 · 3 years ago
  At BYDFi, we've observed a moderate correlation between the price of gold futures and certain cryptocurrencies. This correlation is driven by several factors, including investor sentiment, macroeconomic conditions, and market trends. When there is a high level of uncertainty in the global economy, investors tend to seek safe-haven assets like gold, which can lead to an increase in its price. This increased demand for gold can also spill over into the cryptocurrency market, causing some cryptocurrencies to experience price appreciation. However, it's important to note that the correlation is not always consistent and can change over time. It's crucial for investors to conduct thorough research and analysis before making any investment decisions based on this correlation.
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