Bhutan’s BTC holdings account for one-third of its GDP as the dollar rises to a two-year high

Headline

▌Bhutan’s BTC holdings now account for more than a third of its GDP

According to Arkham Intelligence data, the small South Asian country of Bhutan has a population of only 800,000 (El Salvador has a population of 6.4 million), but owns 12,574 Bitcoins, worth $1.1 billion at current prices, which is more than a third of the country’s GDP (just under $3 billion). El Salvador’s $500 million in Bitcoin accounts for only 1.5% of its GDP.  

Bhutan’s Bitcoin holdings were reportedly accumulated through Bitcoin mining, as the country has abundant hydroelectric power resources. In September, Arkham reported that Bhutan is likely to become the fourth largest Bitcoin holder.

▌Dollar rises to two-year high, Wall Street unanimously bullish

The dollar index rose to its highest level since November 2022 on Tuesday, pushing the euro to its lowest level in a year and weighing on other currencies. The yen and Canadian dollar also fell, heading toward key psychological levels. Since Trump's re-election, strategists across Wall Street have been unanimously bullish on the dollar as the Republicans look to sweep both houses of Congress. According to recent strategy reports, JPMorgan Chase, Goldman Sachs Group and Citigroup all expect the dollar to rise further from its current level.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $88,187.84, with a daily increase or decrease of +0.1%;

ETH's latest transaction price is $3,256.49, with a daily increase or decrease of -2.8%;

BNB's latest transaction price is $627.41, with a daily increase or decrease of -4.2%;

SOL's latest transaction price is $212.56, with a daily increase or decrease of -3.3%；

DOGE's latest transaction price is 0.3852 yuan, with a daily increase or decrease of +12.2%；

XPR's latest transaction price is 0.713 US dollars, with a daily increase or decrease of +16.3%。

Policy

▌U.S. prosecutors request confiscation of FTX founder SBF's cryptocurrency

A year ago, FTX founder SBF was convicted of fraud. In a document filed with the New York court on Tuesday, U.S. prosecutors filed a lawsuit to confiscate SBF's cryptocurrency. Its cryptocurrencies are stored in an account, including Solana and Ripple, and are worth $8.6 million as of December 12, 2023, and have appreciated to $18.5 million in the past 11 months, mainly due to the sharp increase in the price of Solana.

Blockchain Applications

▌World Identity Authentication Service Has Launched in Brazil

OpenAI founder Sam Altman's World project (formerly Worldcoin) announced that World ID has launched an identity authentication program in Brazil. As the project steps up efforts to increase the total number of registrations, Brazil has become an attractive region in the eyes of World. According to the World Bank's 2023 data, the country is not only relatively friendly to cryptocurrencies, but also has a population of more than 215 million.

▌Huma Finance expands to Solana blockchain

Huma Finance expands to Solana blockchain, providing instant liquidity support for scenarios such as cross-border remittances, digital asset credit cards, and global t+0 payments. The protocol has been running on Ethereum Layer 2 networks such as Polygon, Celo, and Scroll,

▌Coinbase becomes the 21st most popular app in the US App Store

According to Bitcoin Magazine, Coinbase is now the 21st most popular app in the US App Store.

Cryptocurrency

▌Stablecoin supply increased by $5.4 billion after the US election

Since the US election, the supply of two major stablecoins, Tether (USDT) and Circle (USDC), has increased by $5.4 billion in a week. Analysis points out that this increase reflects the rising demand for crypto assets among investors. Data shows that the supply of USDT and USDC on different networks has reached a record high, indicating the diversified development of stablecoin demand. Analysts: The potential peak of Bitcoin prices may come around the end of May 2025. The Copper report estimates that the potential price peak of Bitcoin may come around the end of May 2025 based on historical data. Analysts have studied the historical growth of Bitcoin's market value in different bull and bear market cycles and believe that Bitcoin's cycle lasts about 756 days on average. Analysts said that as of now, Bitcoin is on the 554th day of the current cycle, which began around mid-2023. "Based on the average cycle duration, the timeline suggests that Bitcoin may peak in about 200 days, or mid-2025," the report said. The report also pointed out that Bitcoin's expected peak may coincide with the possibility of a recession in the United States. Analysts highlighted a report from JPMorgan Chase that said there is a 45% chance of a recession in the second half of 2025, which overlaps with their predicted peak time for Bitcoin.

▌A dormant address holding 426 BTC was activated after 13.3 years of dormancy

According to Whale Alert monitoring, a dormant address holding 426 BTC was activated two minutes ago after 13.3 years of dormancy. The current value of these BTC has reached approximately US$36,620,098.

▌7719 ETH transferred from FalconX hot wallet to Gemini Deposit address

According to Arkham monitoring, about 2 minutes ago, 7719 ETH were transferred from FalconX hot wallet to Gemini Deposit address, worth 25.32 million US dollars.

Important Economic Dynamics

▌Fed Harker: Fed must "pay very close attention" to fintech

Fed Harker said the Fed must "pay very close attention" to fintech.

▌The probability of the Fed cutting interest rates by 25 basis points in December is 62.1%

According to CME's "Fed Watch", the probability of the Fed maintaining the current interest rate unchanged by December is 37.9%, and the probability of a cumulative interest rate cut of 25 basis points is 32.1%. The probability of maintaining the current interest rate unchanged by January next year is 26.5%, the probability of a cumulative 25 basis point rate cut is 54.9%, and the probability of a cumulative 50 basis point rate cut is 18.6%.

▌Bridgewater: The U.S. economy is expected to grow strongly during Trump's term

Karen Karniol-Tambour, chief co-investment officer of Bridgewater Fund, said on Tuesday that it is a "good thing" to own U.S. stocks and she expects strong economic growth during President Trump's term. Karniol-Tambour said the outlook for U.S. economic growth has driven stocks higher, even though the 10-year Treasury yield rose to a four-month high after Trump's victory in the presidential election on November 5. "We may still have room for growth, even with tariffs and a lot of unknowns," she said. The S&P 500 has risen nearly 5% since Trump won the election.

Golden Encyclopedia

▌What is Kraken's Ink?

Ink is a second-layer bridge that Kraken is developing to improve the efficiency of decentralized finance (DeFi) by increasing transaction speed, reducing costs, and increasing flexibility. Kraken's Ink seamlessly integrates centralized and decentralized environments, providing users with all the necessary tools and services while alleviating the common challenges associated with these environments. The solution runs as a second-layer (L2) solution on Ethereum, alleviating the pressure on the first-layer (L1) chain.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.