In a remarkable development, the Kingdom of Bhutan has surpassed a significant milestone by amassing over $1 billion in Bitcoin holdings. This achievement positions Bhutan among the leading nations that have adopted Bitcoin as part of their financial strategy.
Bhutan’s journey into the realm of cryptocurrency began in 2021, leveraging its hydropower resources to mine Bitcoin. This strategic move has not only contributed to the country’s economic growth but also showcased the potential of sustainable energy sources in powering such operations. With over 13,000 Bitcoins mined, Bhutan has become the fourth-largest government holder of the cryptocurrency.
The rise in Bitcoin’s value in 2024 has played a crucial role in this achievement, with the price soaring to over $90,000. This surge has been attributed to various factors, including the SEC’s approval of Bitcoin-related ETFs and the potential regulatory changes hinted at by former President Donald Trump’s campaign promises.
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Bitcoin has applied the brakes to its record-shattering rally after encountering resistance at the $90,000 level. Having briefly hit $90,100 on Coinbase during the U.S. afternoon Tuesday, BTC succumbed to selling pressure, falling as low as $86,200 during the European morning. It subsequently recovered some ground to settle around $87,500, about 2.65% lower than its Tuesday highs. Altcoins saw greater losses, with ETH and SOL falling by 3.6% and 2.8, respectively, in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index, dropped 1.4%.
McDonald’s, the global fast-food giant, has sparked a wave of excitement and speculation with a cryptic post on their official social media account. The post, which features a playful smiley face and the date “11/18”, has led to widespread conjecture about a potential collaboration with Doodles, the popular NFT (Non-Fungible Token) project known for its hand-drawn characters and generative avatars.
The speculation is not unfounded, as Doodles has previously partnered with notable brands and personalities, including Adidas, Crocs, and Pharrell Williams. This history of successful collaborations, coupled with a comment from Doodles in the McDonald’s post saying “gm” (good morning), has fueled the rumors further.
If the collaboration is confirmed, it would mark a significant milestone for NFTs and their integration into mainstream culture. McDonald’s, with its vast global reach, could bring NFTs to a much wider audience, potentially changing the perception of digital assets significantly. The partnership could also illustrate the growing trend of traditional brands embracing NFTs as tools to reach new, digital-first audiences, reflecting a shift in how major brands connect with fans and consumers.
The meme coin Bonk (BONK) received a listing on the prominent exchange Binance and saw an impressive surge of over 35%, reaching a market capitalization of $3 billion. This listing marks a significant milestone for Bonk, which is part of the Solana ecosystem and is governed by the BONK DAO. The coin, which serves multiple purposes including payment, governance, and rewards within its native platform, has shown the potential for substantial growth and investor interest.
On the same day, Binance also announced the listing of another meme coin, HIPPO, for perpetual futures trading. Originating from the Sui ecosystem, HIPPO experienced a dramatic price increase of 90% shortly after the listing announcement. This showcases the volatile and dynamic nature of the cryptocurrency market, where news of exchange listings can lead to rapid price movements and heightened trading activity.
These listings highlight the ongoing interest and excitement surrounding meme coins, which often capture the imagination of the crypto community with their unique branding and community-driven approach. As the market for these coins expands, they continue to attract attention from both retail and institutional investors, seeking to capitalize on the potential for high returns.