Bhutan Government sells $66.5M of Bitcoin as price surpasses $70K
2024-10-29

The trading volume of Bitcoin has surged 102% in the past 24 hours. In the time frame many of the investors have booked massive profits and others have acquired BTC expanding their portfolio in the digital assets trading market. 
Earlier today a blockchain intelligence firm identified that a wallet on blockchain labelled as Bhutan Government has shifted a significant junk of Bitcoin to a Binance wallet with an intention to sell at a time when Bitcoin is trading above $71k. 
Arkham Intelligence, a well-known blockchain analysis and intelligence firm reported the moving of Bitcoin worth $66.5 million from an address owned by the Bhutan government. 
As per finance experts, the decision of the government of Bhutan came following the surging price of BTC over the past few days. It is important to know that the associated wallet started selling BTC as Bitcoin succeeded in surpassing the resistance of $70k. 
Additional information notes that the wallet associated with the Bhutan government still holds Bitcoin worth $886 million making it among the governments that hold the highest number of Bitcoins. 
Bhutan is one of the most favoured places by cryptocurrency miners, the nation has a set of rules for digital assets mining. However, the nation does not recognize cryptocurrencies as legal tender. Bitcoin to surpass $75k soon!
In the past 24 hours, the pump in the market sentiment has profited many traders and investors, especially ones holding Bitcoin. Three hours earlier a whale tracker noted that a wallet had transferred 815 BTC to an unknown wallet on Binance. Source: TradingView 
BTC/USDT and BTC/FDUSD are some of the most traded pairs of Bitcoin on Binance and a whopping spike in Bitcoin trading is also observed on Coinbase. If the bullishness remains in the upcoming session there is speculation that BTC could mark the resistance of $74,739. 
There are more claims that in the next few days, a more strong bullishness is expected as the hype of the U.S. elections is at its peak. 
The results of the election are also expected to affect the market on the verge because the 2024 elections became the first election in U.S. history to be majorly funded by the cryptocurrency market followed by the fossil fuel industry. 
Only two candidates are supported by the crypto community: some support Kamala Harris and others support Donald Trump. 
The polls of the world’s most popular prediction market, Polymarket, favour Trump’s victory, but few others are showing Harris’s dominance over the former president and stronger contender Trump. 
In the vast finance sphere, there are arguments that the newly elected president can help the United States crypto market to develop at a new pace, which might improve the image of cryptocurrencies worldwide. 
It is crucial to note that Trump holds significant digital assets and he revealed this information after the announcement date of the 2024 presidential election. He allegedly revealed his portfolio before the election to manipulate the voters and make them feel safer alternatives for crypto than others. 