Bitcoin fell below $78,000 on Saturday, trading at $77,647.0 as of 05:18 ET, down about 2.07% over the latest session, after touching above $81,000 earlier in the week. The retreat comes as Grayscale data showed Bitcoin's 90-day correlation with gold has climbed above 50%, from barely above zero at the start of 2026, while its correlation with the Nasdaq 100 has fallen to roughly 33% from above 60%, suggesting investors may increasingly treat Bitcoin as a scarce monetary asset. The shift coincides with renewed concern about U.S. fiscal policy after federal debt surpassed $40 trillion, reviving the debasement trade favoring gold and Bitcoin. On-chain activity shows little evidence of widespread selling by long-term holders, with six dormant wallets moving 553.59 BTC worth roughly $40 million between Aug. 16 and Aug. 26, according to Galaxy Research data cited by CoinDesk. Long-term optimism remains, with Coinbase CEO Brian Armstrong saying Bitcoin has a good chance of reaching $100,000 by year-end, while quantum computing risks are drawing attention as Ripple outlines a four-stage plan for quantum-resistant cryptography. Broader crypto prices declined, with Ether down 2.15% to $2,435.79, XRP down 1.91% to $1.3834, Solana down 2.46%, BNB down 2.35% to $687.92, Cardano down 3.90% to $0.1998, and Dogecoin down 2.26%.
Coinbase Global IncCEO's optimistic $100,000 year-end forecast signals confidence in Bitcoin adoption.
Galaxy Digital Holdings Ltd