Bitcoin (BTC) has returned to positive territory for the first time in almost two months, approaching $95,000, falling 18%.
The current performance is below 1.5% since December 31st, and is placed between Gold, which won 24% and Nasdaq 100, which exceeds 7%. As a result, narrative positioning Bitcoin leaps slightly towards digital gold narratives, either as leveraged high-tech stock or digital gold. But just.
Analyzing the correlation coefficients of Bitcoin over a 30-day moving average, the largest cryptocurrency by market capitalization shows a strong correlation of 0.70 with gold, indicating a weak correlation of 0.53 with the NASDAQ 100. Correlation values can be performed between 1, strong positive correlation, -1, and strong negative correlation.
Bitcoin prices rose 10% last week. This is the strongest performance since the week that ended on November 17th, following President Donald Trump’s election victory.
Meanwhile, Trump’s tariffs continue to cultivate economic uncertainty. US taxes on Chinese products were raised to 145% earlier this month, significantly lowering freight transport demand, according to Bloomberg. As stated in the report, major retailers like Walmart have warned that empty shelves and higher prices could be revived.