JPMorgan: Has the crypto winter peaked?

A top JPMorgan analyst believes the crypto debt crisis has peaked.

A top JPMorgan analyst believes the crypto debt crisis has peaked.

A top JPMorgan analyst believes the worst of the crypto winter crisis is behind us.

"Indicators like our net debt metric suggest that debt reduction is well underway," said Nikolaos Panigirtzoglou, per zycrypto.com. He is a strategist and director at JPMorgan.

Other crypto firms with stronger balance sheets could help rein in the debt crisis, Panigirtzoglou said. One example: crypto exchange FTX bought a heavily indebted lender, BlockFi, this week.

In recent weeks, more and more crypto companies have faced bankruptcy as they could no longer pay their debts, including Celsius and investment firm Three Arrow Capital.