JPMorgan's Crypto Forecast for August:‼️‼️‼️‼️
- Crypto Recovery: JPMorgan predicts a market recovery starting in August, with a gradual end to declines and liquidity clearings.
- Revised Net Flow Forecast: The bank lowered its year-to-date crypto net flow forecast to $8 billion, down from $12 billion.
- Bitcoin Production Cost: JPMorgan is skeptical about Bitcoin's production cost and value compared to gold, casting doubt on the previous $12 billion estimate.
- Bitcoins on Exchanges: The number of Bitcoins on exchanges has decreased due to fear surrounding Mt.Gox and the German government.
- Positive Recovery Sign: The decline in Bitcoins on exchanges is seen as a positive factor for recovery.