5000 BTC Moved to Kraken Exchange, Bitcoin Losing Momentum
The world’s largest cryptocurrency Bitcoin (BTC) has been trading for under $20,000 for a while now. As of press time, BTC is trading at $19,887 with a market cap of $380 billion. As per the latest development, a Bitcoin whale address has become active for the first time in nine years and moved 5,000 Bitcoins worth $100 million to crypto exchange Kraken. Citing data from OKLink, a popular crypto reporter Colin Wu stated:
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.
Bitcoin continued to stay under pressure after last week’s unemployment report in the U.S. Bitcoin has been trading under $20,000 for the ninth consecutive day but continues to hold above $19,511, its then-record peak from December 2017. The December 2017 high could act as crucial support going ahead for Bitcoin. On Sunday, September 4, Gavekal Research sent a report noting:
“The Fed is busy ‘burning’ money as well (a.k.a. quantitative tightening) to restore the credibility of the US dollar. That presents a significant headwind for all cryptocurrencies.”
Bitcoin Lightning Capacity Hit New ATH
Last week, the Bitcoin Lightning Network capacity touched an all-time high of close to 5,000 Bitcoins. The Lightning Network is the Layer-2 scalability solution for the Bitcoin network making transactions faster and cheaper.
Interestingly, Michal Saylor’s MicroStrategy has been working to onboard a large number of users to the Lightning Network. Speaking at the Baltic Honeybadger conference in Riga, Latvia, on Saturday, September 3, Saylor called Lightning as “the most important thing going on in the world in technology”. He further added:
“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication”.
He said that this step would allow companies to “roll out Lightning to a hundred thousand employees every day”. It would also be possible to open 10 million Lightning wallets overnight said Saylor.
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
