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Bitcoin Loses Momentum as 5000 BTC Transfers to Kraken Exchange

05-Sep-2022 By: Ashish Sarswat
Bitcoin Loses Moment

Bitcoin (BTC), the world's largest cryptocurrency, has been trading at less than $20,000 for quite some time. As of press time, BTC is trading at $19,887 with a market worth of $380 billion.

According to the most recent development, a Bitcoin whale address became active for the first time in nine years and transferred 5,000 Bitcoins worth $100 million to cryptocurrency exchange Kraken.

Citing data from OKLink, a famous crypto reporter Colin Wu stated that the Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i) transferred out 5000.01 BTC to the Kraken on September 5th, which is currently worth nearly $100 million. In 2013, the wallet was created, and bitcoins were transmitted to this address.

Bitcoin has remained under pressure following last week's US unemployment statistics. For the ninth consecutive day, Bitcoin has traded below $20,000, but still over $19,511, its then-record peak from December 2017. The December 2017 high may provide critical support for Bitcoin in the future.

On September 4, Gavekal Research released a research indicating that “the Fed is also 'burning' money (a.k.a. quantitative tightening) to restore the US dollar's credibility. This is a huge disadvantage for all cryptocurrencies.”

Bitcoin Lightning Capacity Hit New ATH

Last week, the capacity of the Bitcoin Lightning Network reached an all-time high of around 5,000 Bitcoins. The Lightning Network is the Bitcoin network's Layer-2 scaling solution, making transactions quicker and cheaper.

Interestingly, Michael Saylor's MicroStrategy has been trying to enroll a large number of Lightning Network subscribers. On Saturday, September 3, Saylor described Lightning as the most significant thing happening in the world of technology when speaking at the Baltic Honeybadger conference in Riga, Latvia.

He went on to say that MicroStrategy is currently working on enterprise Lightning applications such as enterprise Lightning wallets, enterprise Lightning servers, and enterprise authentication.

This stage, he claims, will enable businesses to "roll out Lightning to a hundred thousand employees per day." According to Saylor, it would also be able to open 10 million Lightning wallets overnight.

Read also: BlackRock will index the price of Bitcoin (BTC)

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