On chain data shows that US based crypto exchange Kraken has just recorded its largest Bitcoin deposit into its reserves in several years. This comes amid a 5% jump in BTC price compared to a week ago.
Also Read: XRP Price Jumps 5% After Court Denies SEC’s Interlocutory Motion, Next Target $1?
Kraken’s Huge BTC Influx
According to on chain data from Crypto Quant, a massive influx of BTC was recorded on the exchange, signaling speculation around a potential bull run environment for the top cryptocurrency. A huge inflow of 14,924 Bitcoin was registered on the exchange, which was the largest recorded on Kraken since 2018. Exchange inflows in high volumes are historically associated with near future price spikes for Bitcoin. Hence, the $30,000 milestone, if breached, could serve as a psychological boost for the next leg of rally.
Encouraging Crypto Developments
The U.S. Securities and Exchange Commission’s (SEC) recent setbacks in the Grayscale and Ripple XRP lawsuits, along with the optimism around approval of spot Bitcoin ETFs pose as favorable developments for the crypto ecosystem. However, the XRP lawsuit could take at least until 2025 to come to a complete close while the spot ETF applications from the likes of Blackrock stand almost no chance of approval until sometime in 2024.
On the macroeconomic front, the US government averted a shutdown at the ultimate hour, triggering an expected Bitcoin rally. The cryptocurrency also has an upside to its technical infrastructure, with the Bitcoin Halving event scheduled for sometime in the second quarter of 2024. Overall, there are multiple factors investors may look at gauging the potential of the cryptocurrency.
Also Read: Ripple Makes Top 100 Fintech List for Cross Border Payments
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