Following the decline in Bitcoin (BTC) and altcoins, US banking giant JP Morgan published a new report.
Accordingly, JP Morgan said that the cryptocurrency liquidations, which started in June and continued in early July, are expected to decrease in July and BTC and the market are expected to recover from August.
The bank also lowered its cryptocurrency net flow forecast from $12 billion to $8 billion, Coindesk reported.
JP Morgan analysts led by Nikolaos Panigirtzoglou
“The decrease in estimated net flows is largely due to the decline in Bitcoin reserves on exchanges over the past month.
Additionally, this recent decline in exchange reserves is likely due to the bankrupt cryptocurrency exchange Mt. “It stems from Bitcoin sales by Gox's creditors or sales by the German government, which disposed of cryptocurrencies seized from criminal activities.”
Finally, analysts reiterated that they expect the Bitcoin and cryptocurrency market to recover starting from August.
*This is not investment advice.