Analyst: Bitcoin and gold have a correlation of up to 0.7

On April 28th, CoinDesk analyst James Van Straten stated that as of now, Bitcoin has fallen by about 1.5% since December 31st of last year, performing between the 24% increase in gold and the over 7% decrease in the Nasdaq 100 index. Therefore, positioning Bitcoin as a leveraged tech stock or digital gold leans slightly towards the digital gold viewpoint, but only to a certain extent. By analyzing the correlation coefficient of Bitcoin's 30-day moving average, it currently shows a strong correlation with gold, reaching 0.70, while having a weaker correlation with the Nasdaq 100 index, at 0.53. This indicates that Bitcoin's performance is closer to that of gold rather than tech stocks.