View full page at cryptocraft.com

 

JPMorgan Says Bitcoin Miner Sales May Keep Pressuring Price

From bnnbloomberg.ca

Bitcoin miners needing to sell could weigh on the token’s price for some time, according to JPMorgan Chase & Co. Public-listed miners -- which account for about 20% of the total -- have already reported Bitcoin sales in May and June to increase liquidity, meet costs and possibly deleverage, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note Friday. 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, they said. “Offloading of Bitcoins by miners, in order to meet ... (full story)

Story Stats

  • Posted:
  • Category: Fundamental Analysis