PANews reported on April 24 that according to CryptoQuant analyst oinonen_t, Bitcoin recently rose by 10.2%. Its negative correlation with the US dollar, potential easing of Trump's tariff policies, and the potential achievement of a peace agreement in Ukraine could all drive cryptocurrency to strengthen.
In addition, Bitcoin's correlation with the S&P 500 and Nasdaq indices has weakened, dropping from 0.88 to 0.77 and from 0.91 to 0.83, respectively. Meanwhile, Bitcoin's correlation with gold is increasing, rising from -0.62 at the beginning of the month to -0.31. Bitcoin's scarcity is similar to gold and may follow gold's trend. Analysts believe that if the current trend continues, gold may become a leading indicator for Bitcoin.
