Crypto News- On-chain data has unveiled a significant development at the US-based cryptocurrency exchange, Kraken. The platform has just registered its most substantial Bitcoin deposit into its reserves in several years. This development coincides with a notable 5% increase in Bitcoin’s price compared to its value a week ago.
Significant Influx of Bitcoin Revealed in Kraken Data – Is a Sub-30K Dollars BTC Price Imminent?
According to data sourced from Crypto Quant, a massive influx of Bitcoin has been detected on the Kraken exchange. This sudden surge in Bitcoin deposits indicates heightened speculation regarding a potential bull market for the leading cryptocurrency. Impressively, a staggering 14,924 Bitcoins were recorded flowing into the exchange.
This marks the largest influx Kraken has witnessed since 2018. Historically, such significant surges in exchange deposits have often been associated with imminent price spikes in the world of Bitcoin. Therefore, breaching the psychologically significant $30,000 mark could act as a catalyst for the next phase of the Bitcoin rally.
Recent developments in the cryptocurrency landscape have also provided a boost to market sentiment. The setbacks faced by the US Securities and Exchange Commission (SEC) in lawsuits involving Grayscale and Ripple’s XRP have created an air of optimism within the crypto ecosystem. However, it’s important to note that the XRP lawsuit might not conclude until as late as 2025, while the prospects for approval of spot Bitcoin ETFs, including applications from major players like Blackrock, appear unlikely until 2024.
On the macroeconomicf front, the last-minute avoidance of a US government shutdown has triggered an anticipated rally in Bitcoin. Additionally, the cryptocurrency’s technical infrastructure is poised for a significant event with the Bitcoin Halving scheduled for sometime in the second quarter of 2024. Overall, investors have multiple factors to consider when assessing the potential of this cryptocurrency.
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