Institutional investors may dump Bitcoin for gold as prices slide below $40k, JPMorgan By BTC Peers

Institutional investors may dump Bitcoin for gold as prices slide below $40k, JPMorgan

Institutional investors may dump Bitcoin for gold as prices slide below $40k, JPMorgan

Analysts at JP Morgan have said that institutional investors may start dumping in favor of gold as the leading cryptocurrency dipped below $40,000 yesterday.

According to a report by Reuters, the analysts believe that these big-money players are panic-selling their Bitcoin stash to grab gold. The claims by the JP Morgan experts are tied to data on the open interest in Bitcoin futures on CME, adding that the current market crash is the biggest liquidation since October 2020.

On the flip side, gold has shown a six percent increase since the beginning of May. Investors appear to be turning to XAU while dishing the narrative that Bitcoin is a viable store of value.

As reported by BTC PEERS, the crypto market lost more than $350 billion of its total market cap yesterday following Bitcoin’s plunge to the $30k region. However, as of press time, the crypto market appears to be rebounding, with Bitcoin currently trading at $40k.

Although it may be true that some institutional investors are panic-selling their Bitcoin holdings, MicroStrategy is going against the tide. The business intelligence firm has continued to add to its Bitcoin portfolio. Amid the crypto bloodbath, the firm purchased another $10 million worth of Bitcoin, after buying $15 million BTC a few days earlier.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Share on facebook
Share on twitter
Share on linkedin
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x

Get Registered For FREE Forex Training!

Fill In Your Details To Get Registered For FREE Forex Training!

Do You Know About Forex Trading?(Required)
Have you done Forex Trading before?(Required)
Where did you hear about us?(Required)