Bitcoin Crashed JPMorgan Sees Long-Term Upside vs Gold | US Crypto News
Despite Bitcoin crashing below $68,000 due to forced deleveraging, JPMorgan sees long-term upside compared to gold.Summary
Bitcoin recently plunged below $68,000, marking a roughly 45% drop from October highs, driven by ETF outflows, fading demand, and forced deleveraging in futures markets, leading to sustained selling pressure and capitulation spikes.
Despite this short-term turbulence, JPMorgan analysts remain bullish on Bitcoin's long-term prospects relative to gold. They note that BTC is trading significantly below its estimated production cost of $87,000, and its volatility relative to gold has reached record lows, making it look more attractive for long-term holders.
This crypto downturn coincided with broader macroeconomic concerns, including a surge in US January layoffs. Consequently, crypto stocks like Coinbase and Riot also tumbled premarket, reflecting the fragile market sentiment caught between technical oversold signals and immediate macro/leverage pressures.
(Source：BeInCrypto)