The value of El Salvador's and Bhutan's Bitcoin has risen sharply due to the ongoing upward momentum in the cryptocurrency markets.
Both El Salvador's and Bhutan's Bitcoin (BTC) holdings surged amid the recent bullish momentum in the cryptocurrency markets.
With Bitcoin's market capitalization hitting $89,700 on November 12, both nations' Bitcoin holdings increased significantly. El Salvador's holdings saw a staggering $100 million rise in just one week.
El Salvador’s Bitcoin holdings surged as the price of Bitcoin soared to new record highs. According to blockchain data tracker Arkham Intelligence, El Salvador's Bitcoin assets were valued at over $402 million on November 5. However, as the market continued its record-breaking rally, El Salvador's holdings reached $523 million by November 12.
El Salvador officially adopted Bitcoin as legal tender on September 7, 2021. At the time, the nation's first purchase of the asset was about 200 BTC. Following this initial investment, the nation's holdings have gradually increased over time. According to Arkham Intelligence, El Salvador currently holds approximately 5,900 Bitcoin.
Bhutan's Bitcoin holdings were revealed in April 2023 as part of bankruptcy filings involving Celsius, BlockFi and other companies. The bankrupt firms' customers included Druk Holding and Investments (DHI), the commercial arm of the Bhutanese royal government.
In May 2023, Bhutanese authorities confirmed that the country had been mining Bitcoin since April 2019, when the cryptocurrency was trading at $5,000. According to Arkham Intelligence, Bhutan's Bitcoin holdings are now valued at about $1.03 billion. Bhutan is a major crypto holder, with 12,568 Bitcoins and about $2 million in other cryptocurrency tokens such as Ether.
As the price of Bitcoin hit $71,000 on October 29, Bhutan transferred 66 million in the cryptocurrency, suggesting that the nation may be looking to cash in on its gains. The sum was transferred to Binance in two separate transactions.
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