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