Kraken Data Shows Huge Bitcoin Influx; BTC Price To Breach $30K Soon?
On chain data shows that US based crypto exchange Kraken has just recorded its largest Bitcoin deposit into its reserves in several years. This comes amid a 5% jump in BTC price compared to a week ago.
Also Read: XRP Price Jumps 5% After Court Denies SEC’s Interlocutory Motion, Next Target $1?
Kraken’s Huge BTC Influx
According to on chain data from Crypto Quant, a massive influx of BTC was recorded on the exchange, signaling speculation around a potential bull run environment for the top cryptocurrency. A huge inflow of 14,924 Bitcoin was registered on the exchange, which was the largest recorded on Kraken since 2018. Exchange inflows in high volumes are historically associated with near future price spikes for Bitcoin. Hence, the $30,000 milestone, if breached, could serve as a psychological boost for the next leg of rally.
Encouraging Crypto Developments
The U.S. Securities and Exchange Commission’s (SEC) recent setbacks in the Grayscale and Ripple XRP lawsuits, along with the optimism around approval of spot Bitcoin ETFs pose as favorable developments for the crypto ecosystem. However, the XRP lawsuit could take at least until 2025 to come to a complete close while the spot ETF applications from the likes of Blackrock stand almost no chance of approval until sometime in 2024.
On the macroeconomic front, the US government averted a shutdown at the ultimate hour, triggering an expected Bitcoin rally. The cryptocurrency also has an upside to its technical infrastructure, with the Bitcoin Halving event scheduled for sometime in the second quarter of 2024. Overall, there are multiple factors investors may look at gauging the potential of the cryptocurrency.
Also Read: Ripple Makes Top 100 Fintech List for Cross Border Payments
- Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
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.
