April 1, 2023

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

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

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

JPMorgan analyst team led by strategistNikolaos Panigitrzoglou stressed that investors in the cryptocurrency market are still only aware of the seriousness of the situation, which is developing too rapidly. Analysts called this crisis “another step in the reduction of margin positions,” which could lead to a fall in bitcoin.

At the same time, the lower price of bitcoin Panigirtzoglu and hisThe team considers the cost of BTC mining to break even, which includes the cost of energy, equipment purchases, and operating expenses. At the moment it is about $15,000.

“Right now, BTC mining costs are $15,000, but most likely, Bitcoin will reach the lows of the summer, when it fell to $13,000,” the report notes.

Recall that Bitcoin failed to maintain support at $18,000 and continues to fall. At the time of publication, the first cryptocurrency is trading at $16,600.