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It has been a rather rocky ride for the whole crypto market for many months now. The situation has not improved much; almost every cryptocurrency ranging from Bitcoin to Ether and from BNB to XRP, is in serious decline, which means that investors are not likely to support this declining ship for long, and chaos will set-in in an already chaotic market.
Bitcoin is now trading above $16K after holding the position for quite some time at $19K. Ether is also retreating to a lower price point, and the same is true for the whole crypto market.
Although experts said when this rocky ride began earlier that things would come back to normal sooner than later, nothing of the sort has happened yet.
JPMorgan Chase says that the present situation of the crypto market is rather hectic, and the recent crash of the largest crypto exchange FTX and its filing for bankruptcy is going to settle the market into further decline.
Bitcoin is Less Likely to Stabilize Itself
Experts at JPMorgan Chase are estimating that because of the recent FTX debacle, Bitcoin is going to succumb further into price decline, settling at $13K or so in the upcoming weeks.
While it is pure speculation at this point, the tremors of the FTX exchange going down in flames can be felt across the crypto market, all cryptocurrencies are trending negatively across the board, and there doesn’t seem to be any betterment among them in the coming days.
FTX investors have lost their hard-earned money, and as a result, the overall sentiment of the crypto market is a strong depiction of fear which means that more investors are unlikely to jump on the crypto train and take a hike where they will most likely end up losing all of their money.
While the $13K level is a start per se, it is believed by investors and analysts that the cryptocurrency is likely to settle for even lower price scores if investors don’t come to the rescue of the crypto market.
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