PANews reported on November 13 that according to The Block, the correlation between Bitcoin and gold has dropped to an 11-month low, and analysts believe this is due to capital reallocation. Since the US election, the price of gold has fallen by more than 5%, while Bitcoin has risen by more than 20% in a week, showing that investors have adjusted their strategies for safe-haven assets. QCP Capital analysts said that Bitcoin is gradually becoming "digital gold" and funds are shifting from traditional safe-haven assets such as gold to cryptocurrencies.
After Trump won the election, the dollar strengthened and U.S. Treasury yields rose, making gold less attractive. The market expects that the new government's policies may lead to rising inflation, which in turn will affect the Fed's pace of interest rate cuts. In addition, QCP analysis pointed out that if 1% of the funds in the gold market flow into Bitcoin, it may push its price up to about $97,000.
