社区

$MicroStrategy(MSTR)$  $Marathon Digital Holdings Inc(MARA)$  $CleanSpark, Inc.(CLSK)$ $Iris Energy Ltd(IREN)$   $Coinbase Global, Inc.(COIN)$ 

🙈🙈WHAT IS MT.GOX AND HOW IS IT INVOLVED IN THE RECENT BITCOIN SLIDE? 🙈🙈

💛 Mt. Gox is a Tokyo-based bitcoin exchange that went bankrupt in 2014 after a series of heists involving a total of 650,000 - 950,000 Bitcoins (worth $9 billion then and $59 billion now at current prices).

💛 About 141,000 bitcoins is expected to be returned to Mt. Gox victims (roughly 20, 000 creditors) this week. 

💛 Is 141, 000 bitcoins a lot? Not exactly. This amounts to roughly 0.7% of the total 19.7 million bitcoins outstanding. To give you context, MicroStrategy owns 226,331 bitcoins as of June 24, 2024. The impact felt by the 'supposed liquidation of 141, 000 Bitcoins by victims that MAY NOT even happen' may hence be marginal. 

💛 While some claim that victims will cash out, take the money and run, causing further downward pressure on the price of Bitcoin, other analysts day otherwise.

💛 Last month, crypto exchange Gemini returned more than $2 billion worth of bitcoin to users with funds that had been trapped in its Earn lending program (after withdrawals were suspended on Nov. 16). JPMorgan analysts attribute recent declines to profit taking by Gemini victims and expect Mt. Gox customers to be similarly inclined to sell some of their bitcoin to profit from seismic gains.

💛"Assuming most of the liquidations by Mt. Gox creditors take place in July, [this] creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards," JP Morgan was quoted saying.

🔥🚀HOWEVER🔥🚀

🤞🩷 As much as JP Morgan expects some victims to take profits, other analysts feel that Mt. Gox customers are expected to hang on to their bitcoin, and any sale, if any, would be mere short term. Market is always overly irrational though, and any impulse-selling now may cause future regret.

🤞🩷 "Many of Mt. Gox's early users as well as creditors are long-term bitcoin enthusiasts who are less likely to sell all of their bitcoin immediately," said Lennix Lai, chief commercial officer of crypto exchange OKX. He further added that previous sell-offs by law enforcement, including the Silk Road case, did not result in a sustained catastrophic price drop.

🤞🩷 CoinShares' Butterfill suggested there's enough market liquidity to cushion the blow of any possible mass market sell action. "Bitcoin has maintained a daily trading volume of $8.74 billion on trusted exchanges this year, suggesting that liquidity is sufficient to absorb these sales over the summer months," said Butterfill.

🤞🩷 According to CCData research analyst Jacob Joseph, the markets are more than capable of absorbing the selling pressure, and not all holdings are set to be liquidated on the open market, reducing the overall selling pressure. Recent price moves suggest the temporary impact of the Mt. Gox repayments may already be priced in.

🤞🩷 Galaxy Digital's head of research, Alex Thorn, believes fewer coins will be distributed than people think, meaning there will be less sell pressure than the market expects. Hence there is no need to over react and go into an overdrive sell mode.

🤞🩷 Vijay Ayyar, head of consumer growth for Asia-Pacific at crypto exchange Gemini, said that the overall impact of the Mt. Gox disbursement is likely to be "dissipated," given the recipients of the funds are varied. 

🤞🩷 CoinShares' Butterfill said the Fed's new rate forecast was among "the likely culprits for the recent price decline" in bitcoin. This, along with other issues like election, is "likely to weigh on prices in the lower volume summer months," Butterfill said. However, "the fundamental investment case remains very much intact," he added.

🤞🤞CONCLUSION🤞🤞

🔥 For crypto bulls who are still holding onto crypto stocks, instead of impulse selling them off or cutting losses like I did previously, you could consider selling covered calls whilst waiting for price of Bitcoin to recover. Afterall, Standard Chartered predicted that price of Bitcoin will hit $100,000-$150,000 by end of this year.

🔥 For crypto bulls who forsee a bull run towards the end of this year, now's the time to buy into the miner stocks of your choice IN TRENCHES. DO NOT GO ALL IN. Remember I said that MARA and CLSK are overly priced recently and that I've exited my positions? Now is your opportunity to cease if you guys are keen.

🔥 Lastly...

STAY KNOWLEDGEABLE, INVESTED AND INFORMED. DO NOT MAKE RECKLESS DECISIONS AND BE OVERLY PANICKY. STAY CALM.

🔥🚀BITCOIN IS MORE RESILLIENT THAN YOU THINK. 🔥🚀

WITH A WHOPPING MARKET CAP OF 1-2TRILLION,Bitcoin would not be crashing to 0, period. KEEP CALM. In fact, many would see this as a good entry point. So hold on to your coins if you're into holding physical Bitcoins too. 

✨️✨️Cheers and all the best!!✨️✨️

❤️🧡💛💚💙🩵💜🩷

@MillionaireTiger  @TigerStars  @TigerEvents  @TigerCommunity  @Tiger_comments  @CaptainTiger  @TigerGPT  

❤️🧡💛💚🩵💜🩷