JP Morgan says miners of Bitcoin are holding down the price

JP Morgan on cryptocurrency.

Analysts at the bank say that miners of Bitcoin needing to sell could weigh on the token’s price for some time still to come.

Public-listed miners (circa 20% of the total) have already reported Bitcoin sales in May and June

  • sales are to increase liquidity, meet costs and possibly deleverage

JPM say privately-held miners may have sold a larger share of their block rewards from mining activity to meet ongoing costs and could be less levered given their more limited access to capital markets

btc chart 28 June 2022

Michael Cooper

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