JPMorgan’s team, led by Nikolaos Panigirtzoglou, predicted that the price of bitcoin could drop to $13,000 due to the turmoil following the FTX collapse.The cost to produce BTC has also fallen considerably, which could be another reason for the asset’s potential downfall.

An analysis team of the Wall Street bank estimated that the ongoing crash of the crypto market could intensify in the following days and lead to a further decline in bitcoin’s valuation.The experts determined that FTX’s crisis and the disruption of its sister company Alameda Research triggered a “cascade of margin calls” that could push the price of the primary cryptocurrency to as low as $13,000.