Institutional Investors Prefer Gold over Bitcoin Due to U.S. Regulatory Crackdown: JPMorgan
According to the analysis, retail purchases appear to have been the main driver of this year's 76% bitcoin surge.
According to a research report released on Thursday by JPMorgan (JPM), the U.S. regulatory crackdown is driving American crypto businesses to hunt for prospects elsewhere.
Coinbase founded Coinbase International, a crypto derivatives exchange outside the U.S., as a preventative measure in reaction to increasing U.S. regulatory demands, analysts lead by Nikolaos Panigirtzoglou wrote. "The U.S.-based arm of Binance has cancelled its deal with Voyager."

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The crackdown has put greater strain on cryptocurrency companies, according to JPMorgan, but more crucially, there is still uncertainty over crucial issues like ether's (ETH) status as a security, which will ultimately have an impact on the cryptocurrency's value.

supply and availability.
In order to protect themselves against a potential "catastrophic scenario" following the failure of Silicon Valley Bank, investors have started purchasing gold rather than bitcoin (BTC) as a result of the regulatory crackdown that has "deterred institutional investors from engaging with crypto," the letter claimed.
The bank stated that rather than institutional investors, retail buyers appear to have been the main force behind this year's Bitcoin surge. The biggest cryptocurrency has increased 76% so far this year.

The paper also mentioned Bitcoin Ordinals as another factor driving bitcoin's performance gains. A new protocol called Ordinals makes it possible to hold non-fungible tokens (NFTs) on the Bitcoin network.