Bitcoin Breaks Stock Market Correlation, Gold Surges to Record High
Bitcoin Decouples from Stock Market
Bitcoin has broken its historical correlation with the stock market, moving in the opposite direction of equities. While the S&P 500 (SPY) dropped 1,000 points recently, Bitcoin jumped 3.57% to $88,250. This divergence highlights Bitcoin's growing independence from traditional market trends.
Gold Reaches New Heights
Gold surged to a record high of $3,500 per troy ounce after U.S. President Donald Trump hinted at replacing Federal Reserve Chairman Jerome Powell. Despite gold's recent decline of 0.983, its long-term trajectory suggests strength amid economic uncertainty.
Peter Brandt's Market Insight
Veteran trader Peter Brandt challenges the narrative of gold being overbought and stocks being oversold. He notes that gold has been declining against the S&P 500 since 2012 but has seen a 23% year-to-date rise. Brandt predicts a long-term "flippening," where gold and Bitcoin may outperform stocks.
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