Experts from JPMorgan believe that institutional investors might replace Bitcoin with gold since the price of BTC plunged. In accordance with the data provided by leading market analysts, over 755K crypto traders have elucidated over the past 24 hours.

JPMorgan Experts Says Gold may Replace Bitcoin

The fluctuations in the market have recently caused some market analysts to doubt the potential of Bitcoin as an asset to hold.

According to the experts of JPMorgan, the recent downfall of Bitcoin will lay an impact on the entire financial world. It is believed that many investors will be panic-selling their Bitcoin holdings to replace them with the traditional store of value, gold.

While the price of Bitcoin plunged to $30K, the value of the precious metal became impressive and was raised by over 6% since the starting of the month of May.

Mike McGlone, the Chief Commodity Strategist at Bloomberg emphasized the bull run of gold and along with that, he predicted that Bitcoin is capable of gaining back its power. He said:

”It’s a Gold Bull Market. Gold’s 20% discount to its 2020 record high is sufficient for a resumption of a bull market for the metal, as we see it, but store-of-value newcomer Bitcoin is likely to remain a headwind to its upside.”

Extreme Volatility in Crypto and Global Shares Sliding

The half-day elucidation volume is now nearing an eye-popping $7.84 billion and as expected, the longs account for around 88.66% of all the positions that have been wiped out over the aforementioned time span.

Global shares and futures also plunged on Wednesday as concerns over rising inflation worried investors, specifically in the technology and crypto sectors which have been key beneficiaries 

This has also given rise to a wider equities sell-off as investors believe the Fed may have to raise interest rates sooner than expected.