Bitcoin Flirts $72K as Bhutan Moves 929 BTC to Binance
Th Royl Govrnmnt of Bhutn hs impctd th cryptocurrncy mrkt by trnsfrring lrg mount of Bitcoin to Binnc. On October 29, 2024, Bhutn snt 929 BTC, worth bout $66.16 million, to th globl xchng. Th mov boosts th govrnmnts Bitcoin rsrvs, now totling 12,456 BTC, vlud t $887.46 million, ccording to Arkhm Intllignc.
Bhutns choic to dposit such significnt sum hs sprkd spcultion in th crypto community. Mny wondr if th govrnmnt plns to sll prt of its BTC holdings. Erlir tody, Bhutn lso movd n dditionl 102 BTC, worth ovr $7 million, to Binnc. Ths ctions occur mid notbl ris in BTC prics.
Bhutans Crypto Strategy Aligns with Bitcoin Surge
As of now, BTC is trding t $71,700, mrking nrly 4.40% ris in th pst 24 hours nd pproching th $73,700 high it rchd in Mrch this yr. QCP, mrkt nlysis firm, notd tht th totl BTC-PERP opn intrst is nring $27 billion, indicting strong mrkt nticiption for potntil brkout. Th timing of Bhutns Bitcoin trnsfrs ligns with this upwrd trnd, rising qustions bout th govrnmnts intntions.
Binnc hs mrgd s Bhutns primry xchng for both dposits nd withdrwls, hndling trnsctions totling $254.3 million. Whil othr xchngs lik Clsius nd Krkn r lso usd, thir trnsction volums r significntly lowr. This prfrnc for Binnc suggsts strtgic choic, possibly indicting whr Bhutn plns to xcut futur trds.
In ddition to Bitcoin, Bhutns cryptocurrncy portfolio includes othr digitl ssts. Th govrnmnt holds 656.039 ETH, vlud t round $1.72 million, nd smllr mounts of BOBO tokns, SAND, nd MATIC, ch collctivly vlud t undr $100. Minor holdings of Binnc Coin (BNB), BIM, nd INS tokns r lso prt of th portfolio, showcsing divrsifid pproch to cryptocurrncy invstmnt.
Bhutan Surpasses El Salvador in Bitcoin Holdings
Lst month, Bhutn surpssd El Slvdor in BTC holdings, mking it th lrgst Bitcoin holdr in South Asi. Ths holdings r mngd by Druk Holdings nd Invstmnts (DHI), Bhutns invstmnt rm. DHI hs bn ctivly mining Bitcoin, utilizing th countrys bundnt hydrolctric powr to sustin its oprtions.
Arkhm Intllignc confirmd Bhutns mining ctivitis through on-chin dt nd stllit imgry. Th mining oprtions r loctd t th sit of Bhutns formr Eduction City projct, $1 billion govrnmnt inititiv tht ws bndond du to scndls nd mismngmnt.
Th Bitcoin min, hiddn bhind mountinous trrin, is idntifibl by trnsformrs nd powr lins. Historicl stllit imgs show tht construction bgn in Dcmbr 2021, indicting wll-plnnd ffort to stblish robust mining fcility.
Related Reading | Shiba Inus Historical Highs: Will They Be Broken Again?
Read more: https://www.tronweekly.com/bitcoin-flirts-72k-as-bhutan-moves-929-btc/
Text source: TronWeekly
