Gold may be soaring to record highs, but Bitcoin is still moving more like a tech stock than a safe-haven asset.
Analysts warn that until macroeconomic clouds clear, crypto’s next major rally will remain on hold.
Geopolitics and Market Anxiety
Investors were hit with a wave of unsettling developments this week: disappointing U.S. employment figures, escalating trade disputes, wars in multiple regions, and political instability in France. The cocktail of risks sent gold to fresh highs, yet Bitcoin failed to follow. Instead, it mirrored the Nasdaq 100, reinforcing its tight link with equities.
Ecoinometrics: “Digital Gold” Narrative Still Missing
Data compiled by research group Ecoinometrics shows Bitcoin’s correlation with gold and U.S. Treasuries hovering near zero. In contrast, its relationship with risk assets remains strong, with Ethereum even more tightly bound to equity-like trading patterns. Analysts at the firm stressed that the long-anticipated breakaway into a “digital gold” regime hasn’t taken place.
Fed Meeting Becomes the Deciding Factor
Attention now shifts to next week’s Federal Reserve meeting. Traders see the outcome as a turning point: confirmation of a steady or accelerated rate-cut path could spark optimism across risk markets, while a hawkish twist would likely pull Bitcoin and tech stocks lower together.
Bitwise: Macro Still Dictates the Trend
André Dragosch, who leads European research at Bitwise, argued that the current slump isn’t about crypto fundamentals at all. Instead, he pointed to slowing global growth and shrinking risk appetite as the true drivers of weakness.
Despite that, Dragosch remains optimistic over the longer horizon. He expects growing liquidity and continued Fed easing to set the stage for a healthier market environment later this year. Still, he cautioned that the short-term outlook is fragile, calling the Fed meeting a “double event” for Bitcoin: either a springboard for renewed momentum or the trigger for another downturn.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategies or cryptocurrencies. Always conduct your own research and consult a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/analysts-say-bitcoin-has-yet-to-prove-its-digital-gold-role/
