<p>Bitcoin's shifting relationship with traditional markets hints that investors may again be thinking of it as a haven asset, according to research by the Bank of America. </p> <p>The crypto market heavyweight has seen its correlation with gold increase from zero to 0.5 since mid-August, <a href="https://www.bloomberg.com/news/articles/2022-10-22/bitcoin-s-btc-changing-correlations-may-mean-it-ll-be-a-haven-again-bofa-says">Bloomberg</a> first reported, citing BoA digital assets strategists Alkesh Shah and Andrew Moss. </p> <p>Its correlation with major indexes has also flattened out below record highs, with the S&amp;P 500 registering 0.69 and the Nasdaq hitting 0.72. </p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/crypto-markets/prices/btc-pearson-correlation-30d/embed" title="BTC Pearson Correlation (30D)" width="100%"></iframe></p> <p>Investors may be viewing bitcoin as a "relative safe haven" amid macro uncertainty, Moss and Shah wrote, adding that "a market bottom remains to be seen."</p> <p>The new data indicates a change from the cryptocurrency's tendency to move in lockstep with equities markets. </p> <p>Bitcoin was trading around the $19,200 mark at the time of writing, up about 1.2% in the last 24 hours, according to Coinbase <a href="https://www.coinbase.com/price/bitcoin">data</a>. Still the number one cryptocurrency by market cap, it is now sitting at 72.1% below the all time high of $68,789.</p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>