Crypto markets face weeks of deleveraging in the fallout from the crisis at FTX, a period of upheaval that could push $BTC down to $13,000, according to JPMorgan Chase & Co. strategists.
A "cascade of margin calls" is likely underway given the interplay between the exchange, its sister trading house Alameda Research and the rest of the crypto ecosystem, a team led by Nikolaos Panigirtzoglou wrote in a note.