Crypto exchange giant FTX has officially filed for chapter 11 bankruptcy as rumors continue to fly surrounding Sam Bankman-Fried and the fall of his FTX Empire. JPMorgan thinks Bitcoin (BTC) could plunge to $13K following the FTX Crisis.

“What makes this new phase of crypto deleveraging induced by the apparent collapse of Alameda Research and FTX more problematic is that the number of entities with stronger balance sheets able to rescue those with low capital and high leverage is shrinking.”

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