Bitcoin’s correlation with gold has just hit its highest level in the last 12 months this week, as investors have been lured by a strong dollar amid rising interest rates. While Bitcoin has long been hailed as a “digital gold” and a hedge against inflation, like the yellow metal, it appears that investors disagree. Over the past few months, as inflation soared, both Bitcoin and gold have seen big drops in value, leading to a year-high correlation of +0.4, according to Kaiko Research. A correlation of +1.0 means two assets move in perfect synchrony in the same direction. Bitcoin and gold’s correlation has mostly sat ... (full story)