Just as the price of the first cryptocurrency surpassed $71,000, the Bhutanese government wallet transferred more than $66 million in Bitcoin to Binance, indicating an intention to sell BTC on the world’s largest cryptocurrency exchange and take profits.
Arkham Intelligence reported that the kingdom’s government has been mining for more than five years and stores bitcoins worth about $890 million.
Arkham Intelligence analysts noted that the flagship crypto asset reaching a psychologically important price level exceeding $70,000, as well as the accompanying sales, could prompt large speculative BTC holders to take profits and change the price.
Earlier, Arkham Intelligence experts revealed data on Bhutan’s bitcoin reserves, reporting that the highland kingdom’s reserves were almost three times higher than those of El Salvador.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
