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”.
The JPMorgan analyst team, led by strategist Nikolaos Panigirzoglou, stressed that investors in the cryptocurrency market are just realizing the gravity 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 bottom price of bitcoin Panigirtzoglou and his team consider the cost of break-even BTC mining, 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.
