Here is an interesting chart Bitcoin vs Copper. Why you ask? Well looking at the chart, it would seek like there’s some sort of correlation. They don’t have much in common so how could that be? Both have been moving together for quite some time. Analysts from Bloomberg say the correlation is to do with China. Most of the metal speculation comes from China and a big part of the recent interest in trading Bitcoin also comes from China. So what these analysts are saying is that the correlation is Chinese speculators gambling on both Copper and Bitcoin. The common cause for Copper to is a pick-up in the economy but in this case that doesn’t seem to be the reason for its movement. Both Copper and Bitcoin are used by the Chinese for speculative purposes and probably to get money out of the country.
Charts that are attractive