The current change in the position of Bitcoin in relation to other digital assets has made it possible for Bank of America Corp (BoA) to believe that it is becoming a safe space in the blockchain industry once again after experiencing a downturn in recent months.

BoA digital strategists Alkesh Shah and Andrew Moss noted that bitcoin and gold now have a 40-day correlation of about 0.50, up from almost zero correlation in mid-August. Despite being higher, at 0.69 and 0.72 respectively, the correlations between the S&P 500 and the Nasdaq 100 have leveled off and are now below previous highs. Furthermore, they hinted that this could be a good sign that Bitcoin could accelerate soon.

The analysts further stated that “As economic uncertainty persists and a market bottom is yet to be seen, investors may view Bitcoin as a relatively safe haven due to a positive correlation on slowdown with SPX/QQQ and a correlation on rapid increase with XAU”.

More solutions for Bitcoin

There were recent rumors of multiple acquisitions talks in Bitcoin Group. It was rumored that several potential companies involved in German deposit-taking or lending institutions had shown interest in taking over the company.

Bitcoin Group is a German-based blockchain venture capital firm. The company’s main areas of interest include the acquisition, disposal and management of investments in various businesses. In addition, they acquire the strategic direction, control and coordination of these businesses.

Some stakeholders in the blockchain industries have highlighted steps that need to be taken, including these acquisitionsfor bitcoin to succeed again.

Although Bitcoin had a rough third quarter, it still managed to beat traditional assets like gold, oil, and other commodities, with the exception of the US Dollar Index (DXY), which measures the value of the dollar relative to other major currencies. according to a report by CoinGecko

Market analyst Ali Martinez claimed that bitcoin should hold priced above $19,200 to reduce selling pressure because this is a crucial milestone.

Image Source: Shutterstock