Bhutan transferred 419.5 Bitcoin worth 35.65 million USD-a worrying trend for the crypto market?

Veröffentlicht:

Von:

Bhutanical government is shifting Bitcoin stocks: A look at the current developments

The Bhutanian government carried out an important transaction on April 2, 2023 at 10:51 UTC, moving 419.5 Bitcoin (BTC) worth $ 35.65 million to an unmarked address. This movement has aroused the interest of crypto investors, especially since Bhutan still holds 8,594 BTC, which corresponds to more than 729 million USD, and is therefore in fourth place among the countries with the largest Bitcoin stocks.

The movements of the Bhutanian government

A wallet that is connected to Druk Holdings, the commercial arm of the Bhutanian government, transferred this Bitcoin to an unidentified wallet. According to Arkham data, 377.8 BTC ($ 32.11 million) from the main bitcoin wallet to a new address (BC1QN6) were moved. In addition, 41.7 BTC (3.5 million USD) were transferred to the same address by another wallet (34xlr). The entire transaction thus adds up to 419.5 Btc.

a worrying development?

The fact that the funds are still in the new wallet at the time of writing has triggered concerns among market participants that another Bitcoin dump could possibly occur. It is particularly striking that the government has transferred 1,664 BTC ($ 144.57 million) to various addresses a week earlier. These sales actions raise questions about stability and trust in the Bitcoin market.

In contrast to Bhutan, the US government pursues a strategy that aims not to sell and even increase its Bitcoin stocks. President Donald Trump has signed an executive order that provides for the creation of a strategic bitcoin reserve for the USA. In addition, the Bitcoin Act was introduced by Senator Cynthia Lummis with the aim of procuring 1 million BTC.

bhutan as an emerging player in the crypto area

Despite the current sales campaigns, the Bhutan government continues to hold 8,594 BTC, which corresponds to 30.7% of the estimated gross domestic product (GDP) of around $ 2.9 billion in 2023. With this inventory, Bhutan even exceeds El Salvador and thus plays a key role in the area of ​​cryptocurrencies. The country actively uses its rich hydropower resources for Bitcoin mining.

Bitcoin market shows stability

In the middle of the uncertainties through the recent transactions of the Bhutanian government and the global economic influences, Bitcoin has overcome a remarkable price drop and achieved a price of $ 86,149 before it went back slightly. Despite these fluctuations, Bitcoin is currently traded at around $ 85,566, which corresponds to an increase of almost 1% within the last 24 hours

FAZIT

The latest Bitcoin transactions of the Bhutanian government raise significant questions about the future stability of the market, while Bhutan continues to play an important role in the world of cryptocurrencies. Developments in this sector invite you to carefully observe the strategies and movements of the governments because they could have a major impact on the global crypto market.