JPMorgan: "FTX Crash Could Send Bitcoin Down to $13,000"

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Analysts at the investment bank JPMorgan believe that the fall of bitcoin is not over - the crisis associated with the lack of liquidity of the FTX exchange maylead to "cascading liquidations".

JPMorgan's team of analysts, led by strategist Nikolaos Panigitrzoglou, stressed that investors in the cryptocurrency market are still realizingthe seriousness of the situation, which is developing too rapidly.The crisis is "the next step in the reduction of margin positions", which can lead to the fall of bitcoin.

At the same time, Panigirtsoglu and his team believe that the lower price of bitcoin isthe cost of break-even BTC mining, which includes the cost of energy, equipment purchases, and operating costs.At the moment, it is about $15,000.

"Right now, the cost of mining BTC is $15,000, but most likely bitcoin will reachthe lowest values of the summer, when it fell to $13,000," the report says.

Recall that bitcoin failed to hold support at $18,000 and continues toAt the time of publication, the first cryptocurrency is trading at $16,600.