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JPMorgan Team Says Crypto Markets Face ‘Cascade’ of Margin Calls

  • JPM strategists say crypto deleveraging set to take few weeks
  • Their analysis sees potential Bitcoin floor of around $13,000
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FTX Sees Bankruptcy Possible, Faces $8 Billion ShortfallSource: Bloomberg
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Crypto markets face weeks of deleveraging in the fallout from the crisis at digital-asset exchange FTX.com, a period of upheaval that could push Bitcoin down to $13,000, according to JPMorgan Chase & Co. strategists.

A “cascade of margin calls” is likely underway given the interplay between the exchange, its sister trading house Alameda Research and the rest of the crypto ecosystem, a team led by Nikolaos Panigirtzoglou wrote in a note.