Market
Bhutan Holds $1 Billion in Bitcoin Amid Growing State Adoption
According to Arkham Intelligence, the Royal Government of Bhutan now holds more than $1 billion worth of Bitcoin. Two weeks ago, the country moved $65 million in Bitcoin to Binance wallets to prepare for a sale, but it’s still diligently acquiring more.
Bhutan has yet to sell these assets. Meanwhile, in the US, Donald Trump’s promises for an official Bitcoin Reserve highlight a growing trend.
Bhutan’s Growing Bitcoin Stockpile
According to new on-chain data from blockchain analysis firm Arkham Intelligence, the Royal Government of Bhutan’s Bitcoin holdings are worth more than $1 billion. Bhutan has been acquiring Bitcoin through mining since 2021, increasing this growth rate last year. Thanks to Bitcoin’s all-time high, these holdings have grown even faster.
This news comes less than two weeks after Bhutan deposited more than 900 BTC worth $65 million into a Binance account. A transfer of this size would typically indicate a major sell-off, like in Germany’s substantial asset sales this summer. However, Bhutan has continued mining Bitcoin at the same rates.
In other words, this $1 billion milestone is largely due to Bitcoin’s extremely bullish momentum, not a major Bitcoin acquisition. Bhutan’s wallets actually hold slightly fewer bitcoins than before the transfer, but the country might recoup this drop.
New State Bitcoin Holders
While Bhutan sent Bitcoin to Binance, other countries, such as El Salvador, refrained from selling. El Salvador has publicly stated it will not sell its massive holdings, regardless of how high they might get. Donald Trump, too, has vowed to halt attempted sell-offs as a campaign promise.
However, Peter Schiff, a noted Bitcoin critic, recently commented on potential market effects:
“If the US government actually established a Bitcoin reserve and bought 1 million Bitcoin, it might end up buying millions more. Since the US government’s purchase of 1 million Bitcoin would drive the price so high, many HODLers, then worth millions or billions, would finally begin cashing out to spend their windfalls,” Schiff claimed.
This scenario takes several things for granted, not least of which is that buying several million out of 21 million total Bitcoin would be very difficult, especially while the price is soaring. However, it does illustrate the kind of confidence that these massive Bitcoin stockpiles can engender. If the US government does turn its stockpile into a true Reserve, it would drive the price up.
For Bhutan, these sorts of dynamics would take place at a much smaller scale. Although it is a major Bitcoin holder and miner, Bhutan’s government hasn’t stated any desire to transform market dynamics. At the moment, it seems positioned to be another standard bearer for state-held Bitcoin reserves, in a time when the trend is growing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Litecoin (LTC) at a Crossroads: Can It Rebound and Rally?
Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.
- Litecoin is showing positive signs from the $80 support zone against the US Dollar.
- The price is now trading below $88 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
- The price could start a fresh increase if it clears the $88.00 resistance zone.
Litecoin Price Eyes Fresh Increase
After forming a base above $85, Litecoin started a fresh increase. LTC price broke the $88 and $90 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
The price gained over 10% and even cleared the $95 level. A high was formed at $98 before there was a pullback. The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.
Litecoin is now trading below $88 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $85.00 zone. There is also a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair.
The next major resistance is near the $88 level or the 50% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low. If there is a clear break above the $88 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $92 and $95 levels. Any more gains might send LTC’s price toward the $100 resistance zone.
More Losses in LTC?
If Litecoin price fails to clear the $86 resistance level, there could be another decline. Initial support on the downside is near the $82 level.
The next major support is forming near the $80 level, below which there is a risk of a move toward the $75 support. Any further losses may perhaps send the price toward the $68 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.
Major Support Levels – $82.00 followed by $80.00.
Major Resistance Levels – $86.00 and $88.00.
Market
Cardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
The cryptocurrency industry is abuzz with speculation about the appointment of a potential “Crypto-Czar” in the White House. It comes as President-elect Donald Trump considers creating the role of an advisor to guide federal policy on blockchain and digital assets.
Charles Hoskinson, co-founder of Ethereum and founder of Cardano, proposed Coinbase CEO Brian Armstrong as the ideal candidate for the position. This proposal sparked a spirited debate within the crypto community.
Brian Armstrong: Hoskinson’s Vision for a Crypto-Czar
In a post on X (formerly Twitter), Hoskinson emphasized the importance of appointing a neutral and knowledgeable individual to the role. He highlighted Armstrong’s leadership at Coinbase, the largest cryptocurrency exchange in the US. This, among others, is evidence of his ability to navigate regulatory challenges and foster innovation.
“With respect to the idea of a Crypto-Czar at the White House, I feel the role needs to be filled with someone who is neutral, works with all protocols, and has a deep understanding of why crypto is special,” Hoskinson wrote.
The Cardano executive criticized the current administration under President Joe Biden for its regulatory stance. He called them out for “unfair tactics” and “regulation through enforcement.”
Hoskinson argued that Armstrong could unite the crypto industry and lead legislative efforts to modernize the US regulatory framework for digital assets.
He also shared his plans to assist lawmakers directly, leveraging his experience in helping Wyoming pass 31 crypto-friendly laws. Hoskinson announced Operation Baseline, an initiative by IOHK’s policy division to identify inefficiencies and opportunities in the American cryptocurrency industry.
Community Reactions: Support and Criticism
Hoskinson’s endorsement of Armstrong has drawn mixed reactions. One X user, Maxime, voiced concerns about Armstrong’s association with centralized entities.
“I don’t like the turn personally because Brian is bringing centralization in full swing in crypto. Whether it is technically through Base or via facilitating pension funds like BlackRock with custody,” Maxime argued.
This critique reflects broader apprehensions about Coinbase’s growing influence. Some are concerned about the perceived alignment of its business model with traditional financial (TradFi) institutions.
However, other voices in the crypto community see Armstrong as a pragmatic choice. Ed n’ Stuff, another commenter on X, supported the idea.
“It’s important the crypto czar is not seen as partisan, so everyone buys in (not favoring any chain/ecosystem). A major CEX founder that is involved in a bit of everything makes sense,” the user quipped.
This sentiment highlights Armstrong’s potential to appeal to diverse stakeholders in the crypto space. Besides Coinbase’s Armstrong, another potential candidate may be Brian Brooks, the former Binance.US CEO. Brooks also has a history of serving as Coinbase CLO.
Brooks has extensive experience working with the overlap between cryptocurrency and TradFi, making him a strong contender. His tenure at the US Office of the Comptroller of the Currency (OCC) was marked by initiatives to integrate digital assets into the banking system. These, among other achievements, earned him respect across the industry.
Both Armstrong and Brooks bring distinct strengths to the table. Armstrong’s experience as a pioneer in the crypto exchange space gives him a deep understanding of the market. Meanwhile, Brooks’ regulatory expertise positions him as a bridge between policymakers and the crypto industry.
Nevertheless, Trump’s consideration of a dedicated crypto advisor reflects the growing importance of digital assets in the global economy. Hoskinson believes this move presents a unique opportunity for the US to position itself as a global leader in blockchain innovation. He called on the industry to unite behind a shared vision.
“The president’s goal is to make America the best place in the world to start and run a cryptocurrency and blockchain business,” Hoskinson said.
It remains to be seen whether more candidates will join the race for a Whitehouse Crypto-Czar. Notwithstanding, this debate reflects the challenges of balancing innovation with regulation. While Armstrong’s selection would signal a commitment to industry growth, it also raises questions about the role of centralization in a space rooted in decentralization.
The eventual appointment is expected to help shape the trajectory of US crypto policy for years to come. Whether it is Armstrong, Brooks, or another candidate, the decision will reflect how the next administration plans to address the crypto economy’s complexities while fostering innovation.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Struggles Could Signal Rising Risks?
Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone.
- Ethereum is slowly moving lower below the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,000 support zone.
Ethereum Price Struggle Continues
Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,080 level.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance.
An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,030
Major Resistance Level – $3,100
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