News
Gold is again more profitable than Bitcoin?!
Jul 1, 2021 Forex News
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins and leave the cryptocurrency market.
The May decline in cryptocurrency prices, restrictions on the cryptocurrency market in China, and the panic among new investors prompted financial market participants to leave the cryptocurrency market. As a result, there has been a transition of capital from cryptocurrencies to gold. Analysts point to an increase in the attractiveness of this asset in the second quarter.
The price of gold has been showing growth since the end of March. In the second quarter, its price rose by almost 13%. However, with the recovery in the price of Bitcoin and other cryptocurrencies, we see a correction in the price of gold. However, at the end of the quarter, gold may still become more profitable than Bitcoin.
If at the beginning of April the price of a troy ounce of gold was about $1680, now the price of the metal has reached $1775. In the second quarter, the growth in the price of gold amounted to 5,43%. Over the same period, the price of Bitcoin has decreased by 43%. And on some days, the price cut was almost 50%.
Also, if you compare the price charts of gold and Bitcoin, you can see an increase in the inverse correlation of the prices of these assets. The charts clearly show the transition of capital from the crypto asset market to the gold market. As long as the price of Bitcoin stays around $35000, this trend will continue.
It is also worth paying attention to the bitcoin futures market. The largest liquidation was recorded here since October last year. This situation shows that institutional investors left the market in May and June.
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