- Bitcoin and gold correlation plunges after reaching record levels earlier this month.
- Bitcoin approaches $11,000 after failing to sustain the $12,000 level.
Bitcoin is often dubbed as the “digital gold” as it shares a few similarities with physical gold, including a limited supply and scarcity. Both assets have seen a stellar rise this year amid the pandemic influenced economic uncertainty.
The Crypto Associate reported earlier this month as the one-month Bitcoin-Gold realized correlation has reached reached record levels. However, data by Skew now shows that the correlation is fading away. The figure stood at 12.2% as of yesterday August 24th.
After spending weeks fighting $12,000, Bitcoin continues falling, quickly approaching $11,000. The decline in price has resulted in millions in Bitcoin long liquidations.
According to cryptometer.io, over $40 million in Bitcoin longs have been liquidated on BitMEX alone in the last 24-hours.
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