Viewpoint: Bitcoin's recent rise is in sync with gold, but market caution remains

Odaily News Bitcoin broke through the $90,000 mark for the first time since early March, sparking market optimism that it has finally broken away from its long-term correlation with U.S. technology stocks. Bitcoin rose 6.77% on Tuesday and continued its rise in early Asian trading on Wednesday, hitting $93,883 per coin. The U.S. dollar index rebounded slightly after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded sharply after the plunge on Monday, it is still far below the highs of late February to early March.
It is worth noting that this wave of Bitcoin's rise is in sync with gold. The price of gold hit $3,500 per ounce for the first time on Tuesday, and then fell back. Richard Galvin, co-founder of Sydney crypto hedge fund DACM, said that if Bitcoin continues to trade like gold rather than like a tech stock, the logic of "decoupling" will be more convincing. (Bloomberg)