U.Today – This year, the relationship between the crypto market and traditional finance is stronger than ever. This is primarily due to the introduction of (BTC) and (ETH) exchange-traded funds, the entry of BlackRock (NYSE:), VanEck, Fidelity, and many other financial giants into the market.
While market adoption has grown significantly, its independence and uniqueness have significantly diminished, with many cryptocurrencies' movements repeating the performance of major stock market indexes. Of course, I'm talking about the US stock market.
Currently, large movements are frequently seen in virtual currencies centered on the same BTC and ETH in preparation for the opening of the US market. However, in some cases, these transfers can cause more excitement than usual.
For example, in the past hour, such a surprise was caused by the transfer of 1,762 BTC, worth about $180 million, and 20,467 ETH, worth about $75.46 million.
Such a move from unknown wallets to centralized exchanges has caused excitement among crypto market participants, as it is considered a harbinger of an impending sale by a major company.
Whether that will be the case here is an open question. Despite this, Bitcoin's price has not fallen so far, and is actually up by more than 2.1%, which is very impressive for an asset with a market capitalization of over $2 trillion. Ethereum price has also been trading positively since the start of the trading day.
This article was originally published on U.Today
