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The 60-day correlation between Bitcoin and gold has hit record levels above 0.5, according to data provided by Coin Metrics.

The correlation between both assets has sharply increased since July, while the US dollar has fallen against other major currencies.

The fall of the dollar, which is the world's reserve currency, is being reflected positively in limited-issue assets such as gold and Bitcoin. The strengthening of Bitcoin's status as a safe-haven asset could lead to a decline in its correlation with equity markets, while the weakening of the dollar's purchasing power leads to a greater interest in safe-haven assets.

While the correlation of Bitcoin with the S&P 500 index keeps rising, the figure for the last 180 days hit 0.4905 on Monday before falling to 0.36.

The correlation between Bitcoin and the S&P 500 index reached an all-time high of 0.4999 on March 14, coinciding with a general decline in markets.

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