Viewpoint: Bitcoin's recent rise is in sync with gold, but market caution remains

Odaily Planet Daily News Bitcoin broke through the $90,000 mark for the first time since early March, sparking optimistic expectations that it has finally broken away from its long-term association with U.S. technology stocks. Bitcoin rose 6.77% on Tuesday, and continued its rise in early Asian trading on Wednesday, hitting $93,883 per coin. The U.S. dollar index rebounded slightly after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded sharply after the plunge on Monday, it is still far below the highs from late February to early March. It is worth noting that this wave of Bitcoin's rise happened to be in sync with gold. The price of gold hit $3,500 per ounce for the first time on Tuesday, and then fell back. Richard Galvin, co-founder of Sydney crypto hedge fund DACM, said that if Bitcoin continues to trade like gold rather than like a technology stock, the logic of "decoupling" will be more convincing. (Bloomberg)