JPMorgan talked about signs of potential reduction in bitcoin prices
During June, the cost of production of bitcoin decreased from ~ $ 24,000 to ~ $ 13,000, which can become a negative factor for pricing digital gold. This was written by Bloomberg with reference to JPMorgan experts.
Bank strategists noted that the drop in the cost of mining the first cryptocurrency is for the most part associated with a reduction in electricity consumption. This happens against the background of miners deploying more effective installations instead of the disconnected outdated equipment.
However, according to JPMorgan analysts, led by Nikolai Panigirtzoglu, what is happening can be an obstacle to the increase in the price of cryptocurrency.
“Although this clearly helps miners to make a profit and potentially reduces pressure towards the sale of bitcoin reserves to increase liquidity or reduce credit load, a decrease in cost can be considered as a negative for the future price of BTC. Some market participants are perceived as the lower boundary of the All 250 NFT pendants price range of the asset in the bear phase, ”experts said.
Earlier, JPMorgan analysts predicted lower pressure on bitcoin quotes from the miners in need of liquidity in the third quarter.
Recall that in July, the bank strategists suggested that the worst for the cryptor is already behind.
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