What made bitcoin rise in price to a one-month high?

jumped more than 2% on Thursday, testing levels above $9600 amid rising gold prices. The first cryptocurrency traded at such levels on June 24.

on Thursday hit 9-year highs, approaching the $1900 mark. The market is rallying due to investors anxious to save their money during the coronavirus pandemic.

Коронавирус вызвал «золотую лихорадку» на мировых рынках. Трейдеры физическим золотом в Нью-Йорке и Лондоне пытаются купить больше металла, а инвесторы по всему миру приобретают слитки и монеты.

According to Skew, on Wednesday, July 22, the bitcoin-gold correlation index exceeded 40%, reaching the highest level in the last four months, coinspot writes. At the end of April, this index fell to record lows (-42.8%).

The interdependence between the two assets is increasing amid investors' desire to find instruments that can protect their savings from inflation.

At the same time, Skew analysts recorded signs of a soon weakening correlation between bitcoin and the U.S. indicator S&P 500. Now this indicator is at its maximum.

However, the U.S. economy has not yet recovered from losses due to the coronavirus pandemic, and the risks of a new stock market crash are still high. If BTC at this point moves on an upward trajectory along with gold, the cryptocurrency will be able to secure its status as a safe haven asset.

"The first cryptocurrency's exchange rate hit a one-month high, reflecting a return of buyer interest. For the most part, this can be attributed to the persistent weakening of the dollar, forcing investors to look for ways to protect their capitals from depreciation.

Сейчас у биткоина очень важный этап, так как нарушение корреляции с фондовым рынком может создать дополнительный импульс для покупателей, привлеченных самостоятельной динамикой актива в условиях, когда «тихих гаваней» почти не осталось», — отмечает команда аналитиков FxPro.