The world’s largest cryptocurrency Bitcoin (BTC) has been trading below $20,000 for a while. As of now, BTC is at $19,887 with a market cap of $380 billion. The latest developments point to a whale activity. According to the data, 5,000 Bitcoins worth about $100 million were transferred to Kraken. Here are the details…
Bitcoin whale sends 5,000 BTC to Kraken
According to the latest development, a Bitcoin whale address has become active for the first time in nine years. Moved 5,000 Bitcoins worth $100 million to the Kraken crypto exchange. A popular crypto reporter, Colin Wu, cited data from OKLink. He pointed out that the wallet was created in 2013.
The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created and bitcoins were transferred to this address in 2013. https://t.co/nXWa0HV3oi
— Wu Blockchain (@WuBlockchain) September 5, 2022
As we reported on cryptokoin.com, Bitcoin continued to come under pressure after trading below $20,000 for the ninth consecutive day of last week’s unemployment report in the US. However, it remains above the record high of $19,511 in December 2017. Regarding the US and FED developments, Gavekal Research used the following statements:
The Fed is also busy ‘burning’ money (ie quantitative tightening) to restore the credibility of the US dollar. This creates a significant headwind for all cryptocurrencies.
Cryptocurrencies from the Satoshi era
There is speculation as to whether such transfers will be linked to the mysterious creator of the original cryptocurrency, as very old wallets move coins. In March, a Bitcoin wallet dating back to 2010 and the Nakamoto era transferred nearly $20 million worth of coins. A similar transaction by another old wallet took place in April. Still, it’s highly unlikely that any of these transactions are related to Satoshi in any way.
Bitcoin Lightning breaks record
Meanwhile, last week, Bitcoin Lightning Network capacity hit an all-time high of 5,000 Bitcoins. Lightning Network is a Layer-2 scalability solution for the Bitcoin network that makes transactions faster and cheaper. Interestingly, Michal Saylor’s MicroStrategy is working to get large numbers of users into the Lightning Network.
Speaking at the Baltic Honeybadger conference held in Riga, Latvia on Saturday, September 3rd, Saylor described Lightning as “the most important thing happening in technology in the world”. He states that MicroStrategy has some R&D projects working on enterprise applications of Lightning. These include enterprise Lightning wallet, enterprise Lightning servers and enterprise authentication. He said this step would allow companies to “distribute Lightning to one hundred thousand employees every day.” Saylor said it would also be possible to open 10 million Lightning wallets overnight.
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