Opinion: Bitcoin's Recent Rise Mirrors Gold, but Market Caution Remains

Bitcoin has surpassed the $90,000 mark for the first time since early March, sparking market optimism that it may finally break its long-standing correlation with U.S. tech stocks. On Tuesday, Bitcoin rose by 6.77%, continuing its momentum into early Wednesday's Asian session to reach $93,883 per coin. The U.S. dollar index slightly rebounded after hitting a three-year low on Monday. Although the Nasdaq 100 Index rebounded significantly after a sharp drop on Monday, it remains well below its late February to early March highs.
Notably, this surge in Bitcoin coincides with a rise in gold. Gold prices hit $3,500 per ounce for the first time on Tuesday before retreating slightly. Richard Galvin, co-founder of Sydney-based crypto hedge fund DACM, stated that if Bitcoin continues to trade like gold rather than tech stocks, the 'decoupling' logic will become more convincing. (Bloomberg)