ChainCatcher news, JPMorgan analysts said that the growing geopolitical tensions and the presidential election in November are prompting investors to view gold and Bitcoin as safe-haven assets, namely "depreciation transactions".

Analysts said that this "depreciation transaction" is driven by a variety of factors, including increased geopolitical uncertainty since 2022, continued inflation concerns, huge government deficits in major economies, and weakening confidence in fiat currencies, especially in some emerging markets.