Arkham, a prominent blockchain data firm, has announced the launch of its spot trading platform in the United States. This marks a significant expansion of its services.
This introduction comes after their earlier announcement about a perpetual contract exchange. However, the perpetual contract service was not available in the U.S.
This move showed the firm’s commitment to providing secure and transparent trading environments, promoting wider adoption and accessibility of cryptocurrency trading in the U.S. market.
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The newly launched spot trading platform will incorporate advanced security features, including instant on-chain audits and traceable proof of reserves. These features aim to enhance transparency and trust in the volatile cryptocurrency market.
Bhutan’s GDP Share in Bitcoin
Arkham Intel reported that the Government of Bhutan held 12,207 BTC, valued at approximately $1.14 Billion USD despite their recent sell action as reported earlier.
This substantial investment in Bitcoin represented about 39% of Bhutan’s GDP, which was recorded at $2.9 Billion in 2023.
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Bhutan ranked third worldwide in government Bitcoin holdings, trailing only the United States and the United Kingdom.
For over three years, Bhutan has utilized its renewable energy resources to mine Bitcoin, aligning its technological investments with environmental consciousness.
The nation’s strategic investments in cryptocurrency suggested that if Bitcoin were to triple in value, Bhutan’s holdings could equate to its entire GDP.
This progressive move is part of Bhutan’s broader commitment to energy security and regional integration.
Recently, Bhutan signed a Memorandum of Understanding with Tata Power Company Limited, aiming to develop 5,000 MW of renewable energy projects, further cementing its position as a leader in sustainable energy and innovative financial practices.
MicroStrategy’s Market Cap Milestone
Meanwhile, MicroStrategy, known for its massive Bitcoin holdings, has just eclipsed a market cap of $100 Billion, marking a monumental milestone.
This remarkable achievement propelled MicroStrategy to the 93rd position among the largest public companies in the United States, surpassing industry giants such as Intel and aligning closely with Micron’s valuation.
Remarkably, MicroStrategy’s market valuation is now $15 Billion higher than that of Dell, a Fortune 500 company. MicroStrategy has ascended past 40 companies in the ranking within just 24 hours as of press time.
This rapid rise underscores the growing influence of Bitcoin-focused companies in the traditional financial marketplace.
This comparison became even more stark when juxtaposed with the precious metals sector. The market caps of the two largest gold miners, Newmont and Barrick, closed at $49.2 Billion and $31.0 Billion respectively.
Together, these gold giants held a combined market cap of $80.2 Billion, which now fell short of MicroStrategy’s new valuation.
MicroStrategy’s success story was a testament to the increasing acceptance and integration of Bitcoin within mainstream financial systems.
It reflected a significant shift in investment paradigms, where traditional assets like gold were being rapidly outpaced by digital assets.
This shift not only highlighted the potential long-term growth of Bitcoin but also signaled a transformative period in global market trends, where cryptocurrency-related businesses were beginning to take the lead.
