JP Morgan warned that Bitcoin, which is the market leader due to the problems of the crypto exchange FTX, could fall as low as $ 13,000.
The digital currency exchange faced more problems last night when the world’s largest exchange and its leader, Binance, pulled out of bailout. FTX has entered into a non-permanent agreement to sell to Binance amid a severe financial crisis. However, it is reported that Binance is afraid of the situation of the exchange registry and stopped taking it over. Analysts at JP Morgan are now predicting in a note published by The Telegraph that the risk from the fall of FTX could fall to $13,000, 80% below Bitcoin’s all-time high of $68,000.
The world’s most valuable cryptocurrency has fallen more than 7% in the last 24 hours. The market leader lost more than 70% of his profit compared to last year.
What awaits the market after the FTX Crisis? What does JP Morgan think?
The FTX crash rocked the industry after a turmoil of more than $1 trillion in market losses. Led by Sam Bankman-Fried, FTX has become one of the most stable companies in the industry. During the so-called crypto winter of this year, he jumped to help many companies with emergency loans. However, FTX is currently facing an $8 billion shortfall. If he does not find support, failure will be inevitable. Market crashes this year have already wiped out big players, including digital lender Celcius and crypto hedge fund Three Arrows Capital.
