Bitcoin (BTC) price decouples from gold

The correlation between bitcoin and gold has turned considerably negative of late, according to CryptoQuant, with gold recently pushing to new record highs of over $2,500 an ounce, while bitcoin has fallen and is now more than 20% below its all-time high of over $73,000 since March. The move into gold and out of bitcoin came as US stocks struggled, with the S&P 500 down 3.6% since August 30.