Bhutan holds another $886 million worth of Bitcoin, which could introduce more selling pressure, as the country has been mining and holding Bitcoin for over five years.
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Bitcoin’s crabwalk could extend into September, as Mt. Gox and the US government threaten to add nearly $15 billion worth of additional selling pressure.
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The government could also be looking to custody or trade the Bitcoin, based on a recent partnership with Coinbase Prime.
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Using five different crypto exchanges suggests that the wallet sought to maximize liquidity on each order book and sell Bitcoin as soon as possible.
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