JPMorgan: Bitcoin acts as safe haven amid war

JPMorgan analysts observed that Bitcoin demonstrated safe-haven characteristics during the recent Iran conflict, experiencing inflows and increased activity. This contrasts sharply with traditional safe-haven assets like gold and silver, which saw significant outflows and unwinding of positions. Gold, in particular, has fallen approximately 15% month-to-date, influenced by rising interest rates and a stronger U.S. dollar. The analysts noted that both gold and silver had reached record highs earlier in the year, making them susceptible to profit-taking and liquidation when market conditions shifted.