JPM - Bitcoin 'Downside Risk' Looms Yet Again In July: JPMorgan | Benzinga
JPMorgan (NYSE:JPM) analysts are predicting a potential bump in the road for Bitcoin (CRYPTO: BTC) prices this July.
What Happened: Their report, released Wednesday, highlights the upcoming repayments to creditors of defunct crypto exchange Mt. Gox as a source of downward pressure on the market.
“A similar downside risk looms in July with Mt. Gox creditors,” the report states, led by analyst Nikolaos Panigirtzoglou, according to The Block.
This concern stems from the expectation that some creditors will sell a portion of their recovered Bitcoin.
The analysts point to the recent distribution of crypto assets to Gemini Earn product creditors as a precedent.
After receiving their holdings in late May, these creditors, presumed to be mostly retail ...