Bhutan's government sold 738 bitcoin valued at about $44.88 million on June 6, continuing a trend of reducing its state bitcoin holdings from a peak of over 13,000 BTC. The sales are linked to funding the Gelephu Mindfulness City, a major development project, rather than a loss of confidence in bitcoin. Bhutan mines bitcoin using hydropower and manages sales mainly through OTC channels to avoid market disruption. The ongoing drawdown raises questions about how much more the government will sell and how the funds will be used moving forward.
XRP dropped to around $1.09 as macroeconomic pressures and Bitcoin's decline influenced the broader crypto market. The token fell over 18% in the past week and 22% in the past month, with no new XRP-specific developments to support a rebound. Trading...
Bitcoin and Ether suffered their largest weekly declines since the 2022 FTX collapse, dropping 17.3% and 22% respectively, wiping out about $390 billion from the crypto market. The selloff was triggered by Strategy's bitcoin sale, heavy ETF outflows,...
Bitcoin dropped below $61,000, hitting an intraday low of $59,227, causing $172 million in leveraged long liquidations within an hour. The selloff was triggered by stronger-than-expected US jobs data, which raised expectations of less Federal Reserve...
Bitcoin is testing a crucial support level at $60,000, with a break below potentially pushing the price down to $55,000, a historically significant support aligned with its realized price. Despite recent selling pressure and macroeconomic challenges,...
The total cryptocurrency market cap has fallen to about $2.2 trillion, driven by a $3.8 billion outflow from Bitcoin since May. Experts say this decline reflects capital rotation, with investors moving funds from Bitcoin to emerging popular assets li...
