5,000 BTC transferred to Kraken exchange, bitcoin still in trouble

BTC, today, is trading at $19,887 with a market capitalization of $380 billion. According to the latest developments, a Bitcoin whale address has become active for the first time in nine years and moved 5,000 Bitcoins worth $100 million to the Kraken crypto-currency exchange.

Citing OKLink data, Colin Wu, a crypto-currency journalist, said:

The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred 5000.01 BTC, on September 5 on Kraken, which is worth about $100 million now. The wallet was created and bitcoins were transferred to this address in 2013.

Bitcoin continued to remain under pressure after last week’s unemployment report in the United States. Bitcoin is trading below $20,000 for the ninth consecutive day, but continues to hold above $19,511, its record high from December 2017. The December 2017 high could serve as a crucial future support for bitcoin. On Sunday, September 4, Gavekal Research sent out a report noting:

“The Fed is busy ‘burning’ money as well (aka quantitative tightening) to restore credibility to the US dollar. This presents a significant headwind for all crypto-currencies.”

Bitcoin Lightning’s capacity reaches new heights

Last week, the capacity of the Bitcoin Lightning Network hit an all-time high of nearly 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 company MicroStrategy has been working to bring a large number of users into the Lightning Network. Speaking at the Baltic Honeybadger conference in Riga, Latvia, on Saturday, September 3, Michal Saylor said that Lightning is “the most important thing going on in the world of technology“. He added:

“MicroStrategy is currently conducting research and development projects on Lightning applications for the enterprise: Lightning portfolio for the enterprise, Lightning servers for the enterprise, authentication for the enterprise.”

According to him, this step would allow enterprises to “Deploy Lightning to one hundred thousand employees every day“. It would also be possible to open 10 million Lightning wallets overnight, added Michal Saylor.