Bhutan Government Transfers $47M in Bitcoin Amid Market Concerns
- The Royal Government of Bhutan transferred an additional 419.5 BTC valued at $47.23 million on Wednesday.
- This follows a previous transfer of 913 BTC worth nearly $107 million last week.
- Bhutan’s original wallet still holds 9,232 BTC, valued at approximately $1.04 billion.
- Current price of BTC is around $112,550, down by 0.2% in the last day.
- Trading volume has decreased by 13%, indicating declining trader interest.
The recent transfers by the Bhutan government raise concerns about increasing selling pressure in the cryptocurrency market as they liquidate holdings amidst changing monetary policy from the U.S. Federal Reserve.
With a total of over $154 million transferred in just two weeks, the government’s actions reflect a significant shift in their Bitcoin strategy amid current market conditions.(Source)
