tl;dr
The Royal Government of Bhutan has deposited 929 BTC, worth $66.55 million, to crypto exchange Binance during a BTC price rally. Bhutan's government now holds 12,456 BTC, valued at $886.58 million, ranking fourth globally in government Bitcoin holdings. The government also holds Ethereum and other c...
Royal Government of Bhutan deposited 929 BTC to crypto exchange Binance amid BTC price rally. Bhutan government reduces Bitcoin holdings, sparking speculation within the crypto community. Will BTC price continue rally or fall amid US election results and technical indicators signaling a bullish trend?
The Royal Government of Bhutan has deposited 929 BTC, worth $66.55 million, to crypto exchange Binance during a BTC price rally. Bhutan's government now holds 12,456 BTC, valued at $886.58 million, ranking fourth globally in government Bitcoin holdings. The government also holds Ethereum and other cryptocurrencies, with BTC being the dominant holding. The decision to sell Bitcoin holdings may impact the price rally. Meanwhile, with the US election results approaching and technical indicators showing a bullish trend, analysts expect BTC to hit $80,000 by November end. BTC price has jumped 4% in the past 24 hours, currently trading at $71,136 with increased trading volume.
Bitcoin News: Royal Government of Bhutan deposited 929 BTC to crypto exchange Binance, an on-chain data expert reported on Tuesday. The move comes as BTC price rallied over $71,000 amid improving market conditions, US elections, and technical strength in the Bitcoin chart.
BHUTAN GOVT REDUCES BITCOIN HOLDINGS, WHAT’S NEXT? Royal Government of Bhutan has surprisingly decided to sell part of its crypto holdings. Lookonchain reported that the wallet related to the Bhutan government transferred 929 BTC worth $66.55 million to Binance. This transfer of large amounts of BTC during the bull run has raised speculation within the crypto community. According to Arkham Intelligence data, Bhutan govt now holds 12,456 BTC, which is valued at $886.58 million. As per the blockchain analytics firm Arkham recent findings Bhutan ranks fourth globally in terms of government holdings of Bitcoin. The wallet related to the government also holds Ethereum worth over $1 million, as well as other crypto such as BOBO, SAND, MATIC, BNB, BIM, INS, and USDT. However, Bitcoin remains the largest and dominant holding in the Bhutan govt-related wallet. The decision to sell Bitcoin holdings was likely due to BTC price rally over the $71,000 level in the last 24 hours. This news may impact Bitcoin price rally.
BITCOIN NEWS: WILL BTC PRICE CONTINUE RALLY OR FALL? With US election results in less than a week from now and Donald Trump extending his lead over Kamala Harris in the prediction market has sparked a rally in the crypto market. Also, Renowned trader Peter Brandt noted that Bitcoin completed a five-month inverted expanding triangle pattern, a bullish indicator. As Bitcoin breaks this pattern, the sequence of lower highs and lower lows appears to have ended. This shows that the post-halving rally may now be underway with analysts expecting BTC to hit $80,000 by November end. Amid this latest Bitcoin news, BTC price jumped 4% in the past 24 hours, with the price currently trading at $71,136. The 24-hour low and high are $68,409 and $71,475, respectively. Furthermore, the trading volume has increased by 110% in the last 24 hours, indicating a massive interest among traders.