2 days ago · JP Morgan Says Decline in Crypto Fund Inflows Can Trigger Next Bitcoin (BTC) Correction On Sunday, December 20, the Bitcoin (BTC) price surged all the way to its new all-time high above $24, Bitcoin has been skyrocketing on the heels of massive institutional money pouring into the cryptocurrency. Bitcoin has plunged by almost 9 percent after establishing its new record high near $20, last week. And a team of quantitative strategists at JP Morgan & Chase believes that gold is behind the flagship cryptocurrency’s corrective price move. JP Morgan, one of the earliest Bitcoin critic, who once infamously commented that bitcoin is an internet bubble waitung to burst, now see bitcoin as a threat to the Gold’s market.
Bitcoin trading jp morganJP Morgan Analysts Explain Why Bitcoin Price is Falling
The investment banking giant beleive that the rise of Bitcoin is coming at the expense of gold and they are not wrong, as there has been a significant outflow of capital from gold, primarilu moving into Bitcoin. Gold has been the infaltion hedging asset for centuries where instituional have primarily pefereed the lusturous metal over any other option.
So, when the world was engulfed by the pademic at the begining of the year gold started to climb despite the stock market and even bitcoin registering massive losses during the first quarter of this year. If this was a shitcoin chart — yall would be buying the shit outta this pic. Bitcoin often sees a price uptick months after the halving event and the last quarter of turned out to be the time when the impact of halving kicked-in making bitcoin the most lucrative asset of the year.
However, the most important aspect of the ongoing bull run is that the rally is being carried by instituional investors rather than retail players like in This is the reason bitcoin has managed to prolong its bull rally with minor hiccups and price crashes in-between.
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