Recently, a noticeable correlation between #Bitcoin and precious metals has emerged. As the macroeconomic focus shifts from interest rates to bank failures and default risks, the crypto market is paralleling gold and silver. This correlation likely began after the Silicon Valley Bank failure and seems to persist as the debt ceiling deadline nears. The USD rebound also may factor into the recent crypto and precious metal declines, with Bitcoin and the DXY index demonstrating a strong negative correlation. This raises a question: Is this tandem movement with precious metals a coincidence, or is there a substantial basis for viewing Bitcoin as digital gold?

#SVBBank #DXY #Crypto #DigitalGold