By Alicia Maher
A crypto address switched BTC valued at around $100M to the Kraken trading platform. This was reported by a blockchain reporter, Wu Blockchain (@WuBlockchain), in a tweet today
Kraken Received 5000 BTC
The tweet stated that on 5th September around 04:50 (UTC+8), the Kraken received a huge 5000 bitcoins from a whale BTC address. This is around $100 million in value. It was also confirmed in an OKLink in his tweet.
Meanwhile, the account is trading for the first time in many years. It was reportedly created in 2013. Bitcoins were also moved in that same year. Its activities have been silent ever since, not until the recent transfer into one of the reliable US-based crypto platforms, Kraken.
Reacting to the tweet, some traders believed this is influenced by the transition of Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Others however believed that more traders would dump BTC following this report.
The recent unemployment situation in the United States has put Bitcoin under pressure. Reuters report shows more workers were employed in August and the unemployment rate increased to 3.7% from 3.5% in the previous month.
Consequently, BTC is currently traded below $20,000 for the ninth day in a row. Although it has been above $19,511. Gevekal study, which was released on Sunday, revealed that things could return to normal for cryptocurrencies soon.
He added that the United States Federal Reserve is employing quantitative tightening to restore the value of its dollar. He added that this will affect all digital currencies positively once it is successful.
ATH Recorded For Bitcoin Lightning
In other news, Bitcoin Lightning recorded about 5,000 BTC last week. This is the peak since the introduction of the BTC transaction channel.
Recall that this channel was created to solve the layer-2 scalability issue, and the slow speed traders face when they’re transacting on Bitcoin Blockchain directly. It is also quicker and cheaper.
According to Michal Saylor, efforts are on to move many traders into the Bitcoin Lightning through his MicroStrategy. He disclosed this on September 3, while speaking at a conference in Latvia.
He further stated that Lightning is one of the best happenings in technology right now. He also revealed that plans are on to enterprise the Lightning applications. This will assist firms to reach several employees daily. It would also ensure the fast opening of millions of Lightning wallets.