Crypto Price Alert: JPMorgan Reveals $160 Billion Bitcoin Bombshell
— Bitcoin, Jpmorgan, Production, Price, Bombshell, Bitcoins, Markets, Crypto, Alert, Forbes — 1 min read
JPMorgan analysts have warned a decline in bitcoin's production costs could weigh on the bitcoin price. The cost to "mine" one bitcoin has dropped from $24,000 at the start of June to around $13,000 now. JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note this week that was first reported by Bloomberg. The bitcoin price has been hovering around $20,000 per bitcoin since crashing from its previous support level of $30,000 in early June, piling pressure on crypto companies that are facing a liquidity crisis. A decline of 35% would represent a further 35% price crash from the current $20k per bitcoin level, according to the analysts. The bank said last month so-called bitcoin miners could be foreced to sell their bitcoin to meet costs, potentially pushing the price lower Source