If you happen to watch also the stock markets, in the last couple of days and especially today there was a huge crash also in US (and around the world of course). It seems that people are selling assets (crypto and stocks). Is there a correlation or not?
Gold is rising while equity markets around the world and cryptocurrencies are crashing. This kind of punches a hole in the theory that Bitcoin will be considered as some kind of digital gold. There definitely is a correlation and investors are selling risky assets because the yield on treasury bonds is increasing, making them more attractive.
I never believed in this story from the beginning. When financial markets start falling like dominoes, people run from speculative and risky assets into hard assets such as gold and cash money. They look not so much for earning profits then as preserving their wealth and having ready cash in their pockets immediately available to spend. Bitcoin is a highly risky asset, so there is no ground to think that people will be looking into it as a safe haven.