Bitcoin Whales Surge in Number As Price Smashes to New All-Time High

January 8, 2021 9:22 AM UTC

Bitcoin’s bull rally intensified as the price hit a new all-time high in the first starting week of 2021. Since March 2020, the price of Bitcoin has surged over 400%. After commencing the day nearly at $36,800, Bitcoin keeps accelerating at a steady pace until finally smashing through the $40,000 barrier.

Although prices are skyrocketed, still Bitcoin whales are aggressively acquiring more assets. According to data from crypto exchange Kraken, the number of whales holding more than 100 BTC has soared above 16,300, a level previously recorded in March 2020.

The report further disclosed that these wallet addresses mostly belong to institutional investors. Several new institutional players joined the crypto sphere after mainstream business intelligence firm MicroStrategy made several headlines for its $425 million Bitcoin investment. 

As of now, Microstrategy is the fifth-largest individual hodler of Bitcoin. It possesses almost 70,470 BTC, acquired at an average price of $15,964 per Bitcoin. This figure places the firm ahead of the United States government, which holds almost 69,420 BTC.

Major Crypto Exchanges Encounter Technical Issues

Amid the Bitcoin price rally, the four giant cryptocurrency exchanges, including Binance, Coinbase, Kraken, and Gemini, experienced technical problems. 

Binance stated that system complications occur as the number of users appear on the platform. Binance CEO Changpeng Zhao tweeted that “Bitcoin ATH [all-time high] comes with ATH loads,” and said the exchanges “is experiencing a small WebSocket issue.

Reportedly Coinbase is one of the hardest-hit exchange. Currently, the site page is filled with users comments who are unable to access the service. Similarly, Kraken and Gemini also suffered technological issues during periods of high traffic.

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