Bank of America analysts draw attention to a sharp increase in the correlation between the prices of gold and bitcoin. The two assets are becoming cheaper amid rising prices of the U.S. dollar.
When the U.S. currency began to lose ground, the cryptocurrency and the precious metal, on the contrary, together began to strengthen.
Bank of America strategists Alkesh Shah and Andrew Moss prepared a report saying that the correlation between gold and bitcoin has renewed talk about cryptocurrency as a safe-haven asset. They recalled that bitcoin is seen by many analysts as a tool to hedge inflation risks.