Havoc Rises as BTC Whale Moves 5,000 BTC to Kraken Exchange

Data from OK Link’s crypto analytic platform reveal that a total of 5,000 BTC has been moved to Kraken Exchange.
The Bitcoin address created back in 2013 transferred BTC evaluated at $100M.

Bitcoin, The king of cryptocurrency has been experiencing one of its worst moments as it trades under the $20,000 mark for a while now. At the time of writing, BTC is trading for $19,740.62, a 0.26% decline in the last 24 hours leading to a $380 billion market cap.

Investors are experiencing immense pressure from the current crypto market. As for the latest developments, A Bitcoin whale address created way back in 2013 has for the first time in nine years moved 5,000 BTC evaluated at $100M.

The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created and bitcoins were transferred to this address in 2013. https://t.co/nXWa0HV3oi

— Wu Blockchain (@WuBlockchain) September 5, 2022

Citing data from OK Link, a well-known crypto reporter Colin Wu revealed;

The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created and bitcoins were transferred to this address in 2013.

After last week’s unemployment report in the U.S. The crypto gladiator still remains under immense pressure with BTC surfing under $20,000 but still hanging above $19,511, its then-record peak from December 2017. Gavekal Research stated in a report made on Sunday saying;

“The Fed is busy ‘burning’ money as well (a.k.a. quantitative tightening) to restore the credibility of the US dollar. That presents a significant headwind for all cryptocurrencies.”

A New All-Time High For Bitcoin Lightning Capacity

The Layer 2 scalability solution for the Bitcoin network, last week hit a new ATH of close to 5,000 Bitcoins. Interestingly, Michael Saylors’ Microstrategy has been ministering in favor of the Lightning network.

Speaking at the Baltic Honeybadger conference in Riga, Latvia, Michael, one of the biggest crypto influencers termed the Lightning network as “the most important thing going on in the world in technology” He further added;

“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication”.

Michael Saylor said that this move would allow companies to “roll out Lightning to a hundred thousand employees every day and it will also be possible to open 10 million Lightning wallets overnight.

Panic Among The Crypto Community

It is possible that the asset owner could sell a huge portion of it, which may plunge the price of the top asset class. Panic is rising among the crypto community, as the majority fear that a big move like this could bring havoc to the value of BTC.