Posted on November 8, 2022
Bitcoin Crashes to $13,000? How deep is the course? – crypto news
- JP Morgan: Bitcoin likely to crash to $13,000
- Why could BTC fall to $13,000 anywhere?
- Stabilization begins in the crypto market
Could Bitcoin Plunge to $13,000? The largest cryptocurrency hits a fresh yearly low as FTX collapse drags the crypto market lower. Meanwhile, investors are wondering how much the price will fall.
JP Morgan: Bitcoin likely to crash to $13,000
Just as the crypto market was in a recovery phase, another collapse rocked it. This time it hits the second largest crypto exchange. FTX executives toast with CEO of market leader Binance. A short time later, FTX collapsed, largely due to Binance’s influence.
Here you will find the Coinpro Live Ticker for the FTX Crash with current information.
Now strategists from JPMorgan Chase & Co are also commenting on this incident. They tell Bloomberg: A bitcoin crash of up to $13,000 is likely. Just yesterday, the BTC price hit a new yearly low.
What makes this new phase even more problematic is that the number of companies with strong balance sheets that are able to bail out companies with low capital and high levels of debt is shrinking.
That’s it. Analysts therefore refer to FTX’s strategy of buying up ailing companies. Until recently, the crypto exchange wanted to buy out its Canadian competitor Voyager, itself plagued by crypto hedge fund 3AC, which went bankrupt over the summer. He had borrowed huge sums of money from Voyager.
bitcoin m-cap | see 330.070.923.294 see 17,186.57 1.86%
Why could BTC fall to $13,000 anywhere?
But why are JP Morgan strategists calling a price of $13,000 per bitcoin? The reason for this rating is the cost of production. According to the train of thought, Bitcoin will not be sold below the production costs of the miners.
Production costs are currently around $15,000, but are likely to hit a low of $13,000 again in the summer months.
David Adams, portfolio manager, King River Digital Assets Fund, also agrees with this assessment. Alpha Impact CEO Hayden Hughes is skeptical of a similar assessment. According to him, the key support lies at $13,800.
Stabilization begins in the crypto market
The stabilization in the crypto market can already be seen at the moment. The combined market is already up 3.85 percent on the 24-hour trend to $885 billion. Over the same period, BTC is up 2%, while Ethereum is already up 12.6%.
In general, a number of green numbers can currently be seen in the 24-hour trend. Even the FTX token (FTT) is up about eight percent in the last hour, despite chief executive SBF saying bankruptcy proceedings are inevitable if a buyer isn’t found.
Whether FTX will survive or face liquidation is yet to be determined.