Summary
Bitcoin and PAXG have been trading at a perfect negative correlation, indicating weak demand for Bitcoin as a geopolitical hedge.
Key Points
1. Bitcoin’s trading at a perfect negative correlation to PAXG indicates weak demand as a geopolitical hedge.
2. This observation suggests that investors may be favoring traditional safe-haven assets like gold over cryptocurrencies during times of geopolitical uncertainty.
3. The negative correlation between Bitcoin and PAXG highlights the importance of understanding market dynamics and investor sentiment when evaluating investment opportunities in the cryptocurrency space.