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- Weekly Rundown - June 9, 2024
Bitcoin’s price went up, down, and sideways this week.
Altcoins did the same, but ended closer to the key levels I covered in the June 5, 2024 market update.
In that update, I also presented two scenarios that you need to prepare for and four that should worry you, plus some key shifts happening beneath the market's surface.
Look for another update this week. I’ll have new altcoin reports and other goodies in the coming months.
Scroll down for a poll and some content you may enjoy.
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Poll
In the December 10, 2023 rundown, I asked which of these paths was most likely for early 2024:
“B” was the most popular choice AND closest to what happened (path, not prices/timing). Let’s try a similar poll for the second half of 2024.
What's the most likely path for the second part of 2024?Pick the closest guess from the image below |
Bottom line: Over 140,000 BTC, worth around $9 billion, were transferred from Mt. Gox wallets to an unknown address at the end of May.
My take: If the Mt. Gox Bitcoins get sold suddenly, that would fulfill one of the four situations I warned about in this week’s update. The trustees say they’ll deliver the crypto in-kind, but once recipients get their crypto, they have every reason to sell it (they’re getting back 100x more than they lost).
We know Mt. Gox will send all $9 billion to their beneficiaries before October 2024. It'll be interesting to see when and how those Bitcoins move and what sort of market conditions we have when they do. I’ll have more to say when the time comes.
For reference, the Bitcoins have moved since then. They now sit in these wallets:
Why you should care: You need to consider risks that you won’t find in a trading chart.
Relax and enjoy the ride!
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