While the tension between Iran and Israel and Israel’s announcement that it will respond harshly lowered the Bitcoin price below $60,000, gold rose to $2685.

“Both can increase together”

JPMorgan analysts, on the other hand, claimed that there could be a transition to gold with Bitcoin in the process of devaluation of local currencies in the world and used the following statements:

‘Rising geopolitical tension and the upcoming US elections may cause investors to take measures against the devaluation of money. This situation can accelerate the transition to both Bitcoin and gold.’

“Gold has exceeded its impact”

In the report signed by Nikolaos Panigirtzoglou, Mika Inkinen, Mayur Yeole and Krutik P Mehta, it was also noted that gold reacted more strongly to what happened:

‘The 4-5% depreciation in the dollar accelerated the transition to gold. US Treasury bond yields also fell. However, the rise in gold exceeded the impact of these factors. Investors may also be taking precautions against the depreciation of the currency in addition to what happened.’

Bitcoin on hold…

On the other hand, despite the views of JPMorgan analysts, Bitcoin is also seen to remain silent. While the largest cryptocurrency was above $ 66,000 on Sunday, it later fell below $60,000 due to the events that took place.

Bitcoin is trading at around $61,130 in the minutes the news was written