Data from blockchain shows that US-based crypto exchange Kraken recently recorded its largest Bitcoin deposit in years. This happened in tandem with a 5% increase in the price of Bitcoin compared to one week ago.
According to blockchain data from Crypto Quant, large flows of BTC have been recorded on the exchange, signaling speculation of a price surge for the cryptocurrency. A whopping 14,924 Bitcoins were registered on the exchange, which is the largest amount ever recorded on Kraken since 2018.
Inflows into the exchange in large numbers are associated with a surge in the price of Bitcoin in the near future. Therefore, the level of $30,000, if conquered, can serve as a psychological impetus for the next option step.
The challenges faced by the United States Securities and Exchange Commission (SEC) in the lawsuit against Grayscale and Ripple XRP, along with the optimism related to the approval of the spot Bitcoin ETF, are considered to be favorable developments for the crypto ecosystem.
However, the XRP case claims could take at least until 2025 to be fully resolved, while spot ETF applications from the likes of Blackrock are still unknown.
On the macroeconomic side, the United States government has postponed the government shutdown at the last minute, which has fueled the rise in the price of Bitcoin. BTC also has potential in its technical infrastructure, with the Bitcoin Halving event scheduled for sometime in the second quarter of 2024. Overall, there are various factors that investors may look at to assess the potential of this cryptocurrency.
