Bitcoin and precious metals turned negatively correlated in July

The current sell-off in crypto-assets is a rare test of an industry credo - that bitcoin is the equivalent of "digital gold," and therefore can be included in portfolios as a hedge against stock market volatility. Bitcoin behaved more like a stock than gold on Monday, plunging 17 per cent to below $50,000 before regaining some of its lost ground as stocks tumbled and arbitrage trades unwound. Bitcoin and the precious metal became negatively correlated in July, data compiled by Bloomberg show.