According to data provided by CryptoQuant, Bitcoin has decoupled from gold.
While the Bitcoin price is down substantially from its record peak that was achieved in March, the yellow metal recently hit a new record peak. Earlier today, it rallied to $2,800 per ounce.
Gold has been rallying ahead of the U.S. Federal Reserve’s widely expected rate cut that is expected to take place later this September.
According to the betting site Polymarket, traders are now pricing in a 36% chance of a 50-basis point rate cut. Of course, a 20-basis point rate cut remains the likeliest scenario so far.
Notably, palladium has also reached a two-month high, surging to $1,050 per ounce.
Meanwhile, Bitcoin is up a rather modest 1% over the past 24 hours, touching the $58,500 level. At press time, the cryptocurrency is down 20.6% from its record high of $73,737.
According to CryptoQuant, the negative correlation has emerged due to a risk-averse interest rate environment. The firm has noted that investors are actually leading toward traditional safe-haven assets like gold.
A lucky day
Prominent financial commentator Peter Schiff, who is best known for his aversion toward Bitcoin, jokingly noted that Friday the 13th is actually a lucky day for gold investors given that the yellow metal has hit a new record high.
Schiff also gloated over Bitcoin’s underperformance, claiming that speculators are “out of luck.”
Earlier this week, Schiff opined that those who want to buy Bitcoin in 2024 are “very late” to the party.
