The massive amount of stablecoins flowing into exchanges shows the interest of big investors to buy. The Bitcoin and altcoin market is on the rise, with over $159 million in BUSD flowing into Binance wallets.
Large amounts of BUSD flowed into Binance wallets
During the day, $159 million worth of BUSD was transferred from anonymous wallets to Binance. As a result, the top 10 cryptocurrencies have greatly appreciated. Transactions come from whale watching platform Whale Alert. According to current transfers, $159 million worth of BUSD flowed from unknown wallets to Binance.
According to data provided by Whale Alert, a total of $99.99 million was transferred from an anonymous wallet to Binance in the first transaction. At 2:31 p.m. today, $99.99 million worth of BUSD flowed to Binance.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 99,999,991 #BUSD (99,999,991 USD) transferred from unknown wallet to #Binancehttps://t.co/5GkSXKIpu2
— Whale Alert (@whale_alert) August 8, 2022
cryptocoin.comAs you follow, another 59.99 million was moved from unknown wallet to Binance in another transaction.
🚨 🚨 🚨 🚨 🚨 59,999,991 #BUSD (59,999,991 USD) transferred from unknown wallet to #Binancehttps://t.co/Rv8mUZozvH
— Whale Alert (@whale_alert) August 7, 2022
Top 10 cryptocurrencies rise, Bitcoin surpasses $24,000
When stablecoins make their way onto exchanges, it’s usually a sign of greater purchasing power. This suggests that the money flowing into exchanges is to buy BTC or altcoins. Along with the above transactions, a large amount of funds entered the central exchanges today. Meanwhile, the crypto market moved sideways yesterday and turned green again today. In the past 24 hours, the total crypto market cap has increased significantly. The TOTAL value reached the highest level since June 12.
The momentum of the TOTAL chart is due to the money flowing into the top 10 cryptocurrencies. The leading cryptocurrency Bitcoin (BTC) is trading just under $24,000 at the time of writing. It has been trading above this level for a long time today. It provides persistence above $1,700 in Ethereum. In the overall view, the entire cryptocurrency market is trading in the green, with exceptions.
What does inflation mean for the crypto market?
The Fed recently stopped buying billions of dollars in treasury and bonds. Thus, it began to shrink its $ 8.9 trillion balance sheet. The measures took effect in June 2022. It coincided with the total crypto market cap falling below $1.2 trillion, the lowest level seen since January 2021.
Another similar move happened to the Russell 2000, which hit 1,650 points on June 16 and hit levels not seen since November 2020. Since this drop, the index has gained 16.5%, while the total crypto market cap has failed to regain the $1.2 trillion mark. Thus, this apparent disconnect between crypto and stock markets is causing investors to question whether the Fed’s growing balance sheet could lead to a longer-than-expected crypto winter.
