El Salvador’s Bitcoin holdings saw a stunning $100 million boost in one week as the cryptocurrency’s price climbed to $89,700. The soaring market cap, approaching $2 trillion, underscores Bitcoin’s growing influence on national reserves as El Salvador continues its groundbreaking crypto investment.
El Salvador and Bhutan See Bitcoin Holdings Surge Amid Market Momentum
The value of El Salvador's and Bhutan's Bitcoin has risen sharply due to the ongoing upward momentum in the cryptocurrency markets.
According to data compiled by Cointelegraph, Bitcoin's market capitalization surpassed $89,700, bringing it closer to $2 trillion. Both nations' Bitcoin holdings increased substantially as a result of the price surge.
El Salvador’s Bitcoin Holdings Jump $100 Million in One Week
El Salvador's holdings gained over $100 million in just one week as a result of the current price boom of Bitcoin. El Salvador's Bitcoin assets were valued at over $402 million on November 5, according to blockchain data tracker Arkham Intelligence. Its holdings reached $523 million by November 12, as the market reached record heights.
El Salvador officially recognized Bitcoin as legal money on September 7, 2021. The nation's first investment in the asset was around 200 BTC back then. Over the years thereafter, the nation's assets have progressively grown. According to Arkham Intelligence, El Salvador presently has approximately 5,900 Bitcoin.
Bhutan’s Bitcoin Holdings Revealed in Bankruptcy Proceedings
Bankruptcy filings involving Celsius and BlockFi, among others, exposed Bhutan's Bitcoin holdings in April 2023. The insolvent businesses' customers included the Bhutanese royal government's commercial arm, Druk Holding and Investments (DHI).
Bhutanese authorities verified in May 2023 that the country had been mining Bitcoin since April 2019, when the cryptocurrency's price was at $5,000. The current value of Bhutan's Bitcoin holdings is approximately $1.03 billion, as reported by Arkham Intelligence. With 12,568 Bitcoins and around $2 million in Ether and other cryptocurrency tokens, Bhutan is quite the crypto owner.
Bhutan Transfers $66 Million to Binance as Bitcoin Hits $71,000
As the price of Bitcoin hit $71,000 on October 29, Bhutan transferred $66 million worth of the cryptocurrency, indicating that the nation might be looking to profit from its advances. Two separate transactions were used to transfer the amount to Binance.