Bitcoin’s $9 Billion Problem

[] (could it send digital currencies crashing？) [View in browser]( [View in browser]( [] JULY 2, 2024 [] [] PROSPERITY PUB MARKET TALK Bitcoin’s $9 Billion Problem Almost ten years ago, Mt. Gox, a Tokyo-based Bitcoin exchange, shut down after being hacked, losing a staggering amount of Bitcoin. Mt. Gox was once the largest Bitcoin exchange in the world, handling around 80% of all Bitcoin transactions. But in 2014, it went bankrupt after losing between 650,000 to 950,000 Bitcoin in a series of hacks. At todays’ prices, those coins would be worth upwards of $58 billion. Now, after years of legal battles, Mt. Gox is set to return nearly $9 billion worth of Bitcoin to its users — and it has the crypto community on edge. Many users have been waiting for a decade to reclaim their lost Bitcoin. Because the value of these coins has surged over 100x since Mt. Gox's collapse, it’s likely a lot of those users are going to be in a mood to sell in order to finally realize their gains. A mass sell-off like this could drive Bitcoin’s price down significantly. Adding to the anxiety is a recent move by the German government, which sold approximately 5,000 Bitcoin worth $305.8 million, putting additional pressure on the market. Historically, such large liquidations from centralized trading platforms tend to drive Bitcoin prices down. This was evident last month when crypto exchange Gemini returned over $2 billion worth of Bitcoin to users, leading to a notable dip in the cryptocurrency’s price. Bitcoin has already seen a considerable drop from its all time highs earlier this year. After climbing past $70,000 in March, it has plummeted to as low as $60,000 last week. Our friend Jeffry Turnmire addressed some of Bitcoin’s recent price action in today’s Morning Monster show, noting that while Bitcoin had shown strength recently, a rejection candle indicated potential trouble ahead. Jeffry expressed some nervousness about a possible larger market correction but remained hopeful for a bullish breakout in July. The critical question now is: will Bitcoin rally in July as Jeffry anticipates, or will the influx of Bitcoin from Mt. Gox creditors trigger a massive sell-off, pushing prices down further? Only time will tell if Bitcoin can withstand these pressures or if it will take another dive in the coming weeks. — The Prosperity Pub Team [] [] BREAKING: 3 Energy Stocks Set to Explode! Discover the top 3 energy stocks driving the current super trend! These stocks have already surged by up to 135.1% and are projected to keep soaring! Jack Carter reveals how you can tap into these high-growth opportunities with a solid weekly income strategy! [Click now to get the 3 stocks!]( [] [] SCOTT WELSH’S TICKER TALES Chicken is Hot Right Now (PPC) It’s so easy to get caught up with the hottest stock in the room. The AI and tech stocks are sensational and squeeze the oxygen out of any growth stock room. But other things are hot, too. Take chicken for example. Pilgrim’s Pride produces fresh prepared chicken and its group is one of the top 20 hottest in the world right now. Here’s the chart: [] The stock has been surging for a while and it’s almost at a new breakout point after a brief retracement. A break above $39 could lead to a big run. We’ll keep an eye on it. Happy trading, — Scott Welsh P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on [this Ask The Pros episode]( starting at timestamp 20:45. [] [] [] [] JULY 2, 2024 [] [] PROSPERITY PUB MARKET TALK Bitcoin’s $9 Billion Problem Almost ten years ago, Mt. Gox, a Tokyo-based Bitcoin exchange, shut down after being hacked, losing a staggering amount of Bitcoin. Mt. Gox was once the largest Bitcoin exchange in the world, handling around 80% of all Bitcoin transactions. But in 2014, it went bankrupt after losing between 650,000 to 950,000 Bitcoin in a series of hacks. At todays’ prices, those coins would be worth upwards of $58 billion. Now, after years of legal battles, Mt. Gox is set to return nearly $9 billion worth of Bitcoin to its users — and it has the crypto community on edge. Many users have been waiting for a decade to reclaim their lost Bitcoin. Because the value of these coins has surged over 100x since Mt. Gox's collapse, it’s likely a lot of those users are going to be in a mood to sell in order to finally realize their gains. A mass sell-off like this could drive Bitcoin’s price down significantly. Adding to the anxiety is a recent move by the German government, which sold approximately 5,000 Bitcoin worth $305.8 million, putting additional pressure on the market. Historically, such large liquidations from centralized trading platforms tend to drive Bitcoin prices down. This was evident last month when crypto exchange Gemini returned over $2 billion worth of Bitcoin to users, leading to a notable dip in the cryptocurrency’s price. Bitcoin has already seen a considerable drop from its all time highs earlier this year. After climbing past $70,000 in March, it has plummeted to as low as $60,000 last week. Our friend Jeffry Turnmire addressed some of Bitcoin’s recent price action in today’s Morning Monster show, noting that while Bitcoin had shown strength recently, a rejection candle indicated potential trouble ahead. Jeffry expressed some nervousness about a possible larger market correction but remained hopeful for a bullish breakout in July. The critical question now is: will Bitcoin rally in July as Jeffry anticipates, or will the influx of Bitcoin from Mt. Gox creditors trigger a massive sell-off, pushing prices down further? Only time will tell if Bitcoin can withstand these pressures or if it will take another dive in the coming weeks. — The Prosperity Pub Team [] [] BREAKING: 3 Energy Stocks Set to Explode! Discover the top 3 energy stocks driving the current super trend! These stocks have already surged by up to 135.1% and are projected to keep soaring! Jack Carter reveals how you can tap into these high-growth opportunities with a solid weekly income strategy! [Click now to get the 3 stocks!]( [] [] SCOTT WELSH’S TICKER TALES Chicken is Hot Right Now (PPC) It’s so easy to get caught up with the hottest stock in the room. The AI and tech stocks are sensational and squeeze the oxygen out of any growth stock room. But other things are hot, too. Take chicken for example. Pilgrim’s Pride produces fresh prepared chicken and its group is one of the top 20 hottest in the world right now. Here’s the chart: [] The stock has been surging for a while and it’s almost at a new breakout point after a brief retracement. A break above $39 could lead to a big run. We’ll keep an eye on it. Happy trading, — Scott Welsh P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on [this Ask The Pros episode]( starting at timestamp 20:45. [] [] [] [] ABOUT US: We believe that the opportunity for financial literacy and freedom belongs to all people, not just those who already have years of investing experience. Prosperity Pub provides an array of educational services and products that will help you navigate the markets and become a better investor. Trading is made simple through our online forum full of trading techniques to give you the best tools to kick-start your investing journey. We offer collaborative webinars and training; we love to teach. No matter the opportunity, we bring together a strong community of like-minded traders to focus on analyzing market news as it’s presented each day. DISCLAIMER: FOR INFORMATION PURPOSES ONLY. The materials presented from Prosperity Pub are for your informational purposes only. Neither Prosperity Pub nor its employees offer investment, legal or tax advice of any kind, and the analysis displayed with various tools does not constitute investment, legal or tax advice and should not be interpreted as such. Using the data and analysis contained in the materials for reasons other than the informational purposes intended is at the user’s own risk. DISCLAIMER: TRADE AT YOUR OWN RISK; TRADING INVOLVES RISK OF LOSS; SEEK PROFESSIONAL ADVICE. Prosperity Pub is not responsible for any losses that may occur from transactions effected based upon information or analysis contained in the presented. To the extent that you make use of the concepts with the presentation material, you are solely responsible for the applicable trading or investment decision. Trading activity, including options transactions, can involve the risk of loss, so use caution when entering any option transaction. You trade at your own risk, and it is recommended you consult with a financial advisor for investment, legal or tax advice relating to options transactions. Please visit [( for our full Terms and Conditions. [Unsubscribe]( This email was sent to {EMAIL} by Prosperity Pub 101 Marketside Ave, Suite 404 PMB 318, Ponte Vedra, Florida 32081, United States [Prosperity Pub]( [] ABOUT US: We believe that the opportunity for financial literacy and freedom belongs to all people, not just those who already have years of investing experience. Prosperity Pub provides an array of educational services and products that will help you navigate the markets and become a better investor. Trading is made simple through our online forum full of trading techniques to give you the best tools to kick-start your investing journey. We offer collaborative webinars and training; we love to teach. No matter the opportunity, we bring together a strong community of like-minded traders to focus on analyzing market news as it’s presented each day. DISCLAIMER: FOR INFORMATION PURPOSES ONLY. The materials presented from Prosperity Pub are for your informational purposes only. Neither Prosperity Pub nor its employees offer investment, legal or tax advice of any kind, and the analysis displayed with various tools does not constitute investment, legal or tax advice and should not be interpreted as such. Using the data and analysis contained in the materials for reasons other than the informational purposes intended is at the user’s own risk. DISCLAIMER: TRADE AT YOUR OWN RISK; TRADING INVOLVES RISK OF LOSS; SEEK PROFESSIONAL ADVICE. Prosperity Pub is not responsible for any losses that may occur from transactions effected based upon information or analysis contained in the presented. To the extent that you make use of the concepts with the presentation material, you are solely responsible for the applicable trading or investment decision. Trading activity, including options transactions, can involve the risk of loss, so use caution when entering any option transaction. You trade at your own risk, and it is recommended you consult with a financial advisor for investment, legal or tax advice relating to options transactions. Please visit [( for our full Terms and Conditions. [Unsubscribe]( This email was sent to {EMAIL} by Prosperity Pub 101 Marketside Ave, Suite 404 PMB 318, Ponte Vedra, Florida 32081, United States [Prosperity Pub](