In the face of geopolitical tensions and rising inflation, the price of bitcoin fell to a 2-week low, damaging the case for the crypto being “digital gold” for investors, according to an article in CNBC. Bitcoin believers view the cryptocurrency as a safe haven asset that can hedge against economic instability and price increases around the world, with a store of value that’s not unlike gold.

With inflation hitting record highs, it should be bitcoin’s moment in the sun, but instead the crypto has lost almost half its value. Now analysts are reconsidering whether the moniker of “digital gold” is deserved.

Cryptocurrency’s latest drop happened alongside a dip in global stocks, with a clear correlation between bitcoin and the S&P 500, the article contends. Cryptocurrencies appear to be aligned with the more speculative sectors of the market, such as tech stocks, which are currently taking a hit as the Fed and other central banks look to raise interest rates and end the influx of stimulus money. “This correlation shows that bitcoin is firmly behaving like a risk asset…not the safe haven it was touted to be a few years ago,” Chris Dick, a trader at crypto market maker B2C2, tells CNBC.

In fact, while bitcoin weakens, gold has been outperforming it recently, with spot rates hitting highs of $1,913.89 per ounce, and some experts predict that it will continue to climb while bitcoin will get back to $30,000 and then break below that level. But not everyone is convinced that bitcoin’s latest decline means there’s a “crypto winter” on the way. Many institutions have bitcoin holdings, and it’s actually that adoption of crypto along with traditional assets that’s driving the correlation between it and equities. However, experts say larger institutions need to add bitcoin into their balance sheets in order for the cryptocurrency to truly compete with gold.