PANews reported on April 24 that according to CryptoQuant analyst oinonen_t, Bitcoin's recent 10.2% rise and its inverse correlation with the U.S. dollar, the possible easing of Trump's tariff policy, and the potential conclusion of a peace agreement in Ukraine may all drive cryptocurrencies to strengthen.
In addition, Bitcoin's correlation with the S&P 500 and Nasdaq indexes has weakened, from 0.88 to 0.77 and from 0.91 to 0.83, respectively. At the same time, Bitcoin's correlation with gold is strengthening, rising from -0.62 at the beginning of the month to -0.31. Bitcoin's scarcity is similar to gold and is likely to follow the trend of gold. Analysts believe that if the current trend continues, gold may become a leading indicator for Bitcoin.
