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

CryptocurrencyMay 20, 2021 05:30PM ET
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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 Bitcoin 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

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

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Comments (2)
Prakash J Chaudhari
Prakash J Chaudhari May 21, 2021 1:35PM ET
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Buying of Gold and comeback with buying Bitcoin dumping gold is market manipulation to get rid of retail investors . Ultimately Big whales wants retail investors to invest in mutual funds so they get 50% of your profit as commission . This is a Game my friend. There is no stoppage of Bitcoin but $150k before the end of year. Strong hands win .
Wes Side
Wes Side May 20, 2021 8:29PM ET
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Lol no they are gonna jump bandwagon to gold... if they do how high logically could they do pump n dumps? Id say up to 2500 max for a long time because only a crazy person woule pay more than $2500 for an ounce of a metal that is yellow
Kishan Dhakan
Kishan Dhakan May 20, 2021 8:29PM ET
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Yes and a smart person will pay $64k for virtually nothing....
 
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