{"id":98247,"date":"2024-10-29T08:52:41","date_gmt":"2024-10-29T12:52:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98247"},"modified":"2024-10-29T08:54:57","modified_gmt":"2024-10-29T12:54:57","slug":"bhutan-govt-dumps-over-66m-in-btc-to-binance","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bhutan-govt-dumps-over-66m-in-btc-to-binance\/","title":{"rendered":"Bhutan Govt Dump Over $66M in Bitcoin on Binance"},"content":{"rendered":"\n

Bhutan's government sent 929 BTC worth over $66 million to crypto\u00a0exchange Binance<\/a>, as\u00a0price surged above $71,000.<\/p>\n\n\n\n

\"Bhutan<\/figure>\n\n\n\n

The Royal Government of Bhutan transferred 929 BTC to Binance, an on-chain data analyst reported on Tuesday, as the Bitcoin price surged past $71,000 amid favorable market conditions, the upcoming U.S. elections, and strong technical indicators on Bitcoin\u2019s chart.<\/p>\n\n\n\n

Bhutan\u2019s BTC Sale: What\u2019s Next?<\/h2>\n\n\n\n

In a surprising move, the Bhutanese government has opted to reduce its Bitcoin holdings. <\/p>\n\n\n\n

Lookonchain reported that the government-linked wallet sent 929 BTC, valued at approximately $66.55 million, to Binance. <\/p>\n\n\n\n

This sizable BTC transfer during a bull market has sparked speculation across the crypto community.<\/p>\n\n\n\n

According to recent data from Arkham Intelligence\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the Bhutanese government\u2019s wallet now holds 12,456 BTC, worth about $886.58 million. Arkham\u2019s analysis places Bhutan as the fourth-largest government holder of Bitcoin worldwide. <\/p>\n\n\n\n

The same wallet also includes Ethereum holdings worth over $1 million, as well as other cryptocurrencies like BOBO, SAND, MATIC, BNB, BIM, INS, and USDT, though Bitcoin remains its primary asset.<\/p>\n\n\n\n

\"Bhutan<\/figure>\n\n\n\n

The decision to sell was likely prompted by Bitcoin\u2019s recent rally above the $71,000 mark, which could influence further price movements.<\/p>\n\n\n\n

\"Bhutan<\/figure>\n\n\n\n

Will Bitcoin\u2019s Rally Continue or Decline?<\/h2>\n\n\n\n

With the U.S. election<\/a> just a week away, speculation impacts the crypto market as Donald Trump leads Kamala Harris in prediction markets, fueling optimism among traders.<\/p>\n\n\n\n

Additionally, well-known trader Peter Brandt observed that Bitcoin recently completed a five-month inverted expanding triangle pattern, a bullish signal. <\/p>\n\n\n\n

With Bitcoin breaking out of this pattern, the sequence of lower highs and lower lows appears to be over, suggesting a potential post-halving rally. Analysts predict BTC could reach $80,000 by late November.<\/p>\n\n\n\n

Following these developments, BTC\u2019s price<\/use><\/svg><\/span><\/a> rose by 4% over the last 24 hours, currently trading at $71,136, with a 24-hour range of $68,409 to $71,475. <\/p>\n\n\n\n

Trading volume also increased by 110%, showing significant interest from traders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bhutan’s government sent 929 BTC worth over $66 million to crypto\u00a0exchange Binance, as\u00a0price surged above $71,000. The Royal Government of Bhutan transferred 929 BTC to Binance, an on-chain data analyst reported on Tuesday, as the Bitcoin price surged past $71,000 amid favorable market conditions, the upcoming U.S. elections, and strong technical indicators on Bitcoin\u2019s chart. […]<\/p>\n","protected":false},"author":56,"featured_media":98265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4587,17807],"class_list":["post-98247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bhutan","tag-bitcoin-btc-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/Bhutan-Govt-Dump-Over-66M-in-Bitcoin-on-Binance.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98247"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98265"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}