Cryptocurrency exchange Kraken has reported the largest Bitcoin deposit in the exchange's history. The crypto community is expressing interest in the reasons and purposes of such a large-scale transaction, wondering: will the price of BTC get a boost from this?
The U.S. crypto exchange added a Bitcoin asset to its reserves today, becoming the largest in several years. Kraken recorded an impressive inflow of 14,924 Bitcoins. It is worth noting that such a large transaction occurred when the BTC price jumped 5% from last week's prices.
The massive BTC inflow, which was the largest inflow since 2018, confirms speculation about a possible rise in the price of the major cryptocurrency to $30,000. Historically, such investments on the exchanges have been associated with spikes in Bitcoin prices in the near future.
If the $30,000 milestone is passed, it could be a psychological trigger for the crypto market to take another sharp growth spurt, according to Coingape.
Currently, the bearish sentiment in the cryptocurrency market is marking a slight weakening of crypto assets. However, the recent news of the U.S. SEC's failures in the cases against Grayscale and Ripple is creating optimism for a new wave of cryptocurrency growth. The launch of spot ETFs on Ethereum and the possibility of spot ETFs on Bitcoin are also contributing to this. However, the SEC-XRP litigation could last until 2025.
Read also: Positive news in the standoff with the SEC led to a 5.2% rise in the asset.
