Cryptocurrency

Bhutan Government Transfers Bitcoin Holdings Amid Price Surge

Tuesday. October 29 at 10:00 PM

1 min. read

Bhutan's government has begun moving its Bitcoin holdings as the price surged above $70,000. The government transferred over $66 million worth of Bitcoin to Binance, indicating plans to sell on the exchange. This move followed Bitcoin hitting $70,000, prompting profit-taking by large holders. Bhutan still holds $886 million in Bitcoin, mined over five years. Bitcoin mining contributes significantly to Bhutan's economy, accounting for over a quarter of its GDP. In 2023, mining revenue funded a salary increase for public servants. Bhutan holds more Bitcoin than El Salvador, which adopted it three years ago. The price surge is supported by macroeconomic factors, including China's potential debt raise. Analysts predict a bullish outcome from the US election. Stay tuned for updates on this evolving situation.

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Skepticism Towards Canadian Digital Dollar Adoption

Tuesday. October 29 at 11:30 PM

Canadian consumers have shown skepticism towards the early adoption of the Bank of Canada's concept of a digital dollar. Despite growing support for a digital Canadian dollar, a recent research paper by the Canadian central bank revealed that Canadians still prefer traditional fiat-based payment systems. A Bank of Canada survey indicated that the majority of Canadians favor cash and card payments over cryptocurrencies for day-to-day purchases. While some participants had favorable impressions of a digital Canadian dollar, concerns about reliability, privacy, and security were raised. The survey also highlighted that users facing payment challenges may be late adopters of a digital currency. The Bank of Canada recognizes the need for significant investment and awareness campaigns to drive adoption. Additionally, the bank is shifting its focus from retail CBDCs to broader payments system research and policy development, following similar decisions by Australia and Colombia.

Cryptocurrency

Bhutan Government Transfers Bitcoin Holdings Amid Price Surge

Tuesday. October 29 at 10:00 PM

Cryptocurrency

ARK Invest Sells Block Shares Amid Crypto Market Surge

Tuesday. October 29 at 8:00 PM

Crypto-friendly asset manager ARK Invest recently sold off shares of Jack Dorsey's financial services firm Block as cryptocurrency markets experienced a significant uptrend. ARK divested 418,556 Block shares from two funds on Oct. 28, with 272,842 shares sold from the ARK Innovation ETF and 145,714 shares from the ARK Next Generation Internet ETF. The sale generated $31 million at Block's closing price of $74.50. Block's stock price has surged over the past month, rising nearly 13% since Oct. 1. Meanwhile, ARK has been increasing its holdings of the ARK 21Shares Bitcoin ETF. In contrast to Block's stagnant price, the ARK 21Shares Bitcoin ETF has gained 39% year-to-date. Bitcoin also saw a rally in October, reaching above $71,000 on Oct. 28. These developments coincide with ARK's strategic investment decisions and the overall positive sentiment in the cryptocurrency market.

Cryptocurrency

Hong Kong Stock Exchange Introduces Crypto Index

Tuesday. October 29 at 3:30 PM

The Hong Kong Stock Exchange (HKEX) is set to launch a groundbreaking crypto index next month, marking a new era in Asia's financial landscape. This innovative move will integrate cryptocurrencies like Bitcoin and Ethereum into the stock market, opening up new opportunities in the region. The HKEX Virtual Asset Index Series, compliant with EU standards, will provide real-time benchmark prices for Bitcoin and Ethereum based on global market data. This initiative reinforces Hong Kong's reputation as a leading financial hub, offering traders sophisticated tools to assess market value. By adhering to the EU Benchmark Regulation, HKEX ensures transparency and integrity in its index calculations. The index will be updated daily, reflecting current USD prices and aligning Asia trading benchmarks with global standards. This development underscores Hong Kong's commitment to innovation and adaptability in the ever-evolving financial sector.

Cryptocurrency