Markets
BNB Hits All-Time High as Crypto Market Rebounds
Bitcoin ETFs had their second best day ever, with inflows of $887 million on June 4.
Cryptocurrency markets were trading higher Wednesday morning despite lower-than-expected job openings data for April.
Bitcoin rose above $71,000, while Ether was stable and Solana gained 4%, as scheduled CoinGecko.
The native token of the BNB Chain ecosystem has reached a new all-time high of $711 after rising 6% in the last 24 hours. BNB surpassed the $651 mark for the first time since May 2021. The rally comes amid the growing popularity of Binance Launchpool, a platform where users can stake their crypto assets to earn new token rewards by participating in different pools of liquidity.
In an appearance on CNBC this morning, SEC Chairman Gary Gensler She said that the next phase of the ETH ETF approval process will “take some time,” which may explain ETH’s relative underperformance today.
Meanwhile, on June 4, Bitcoin ETFs recorded their second best day ever, raising $887 million and further boosting investor sentiment.
Weak employment data
According to the US Department of Labor, employment opportunities fallen to 8.059 million in April, falling to a 3-year low. This figure was lower than the Dow Jones estimate of 8.4 million job openings.
“The crucial level of $70,000 must be overcome” She said Michael Van De Poppe, CEO of MN Trading. “Bitcoin took a test there yesterday but failed to pass. Once that happens, that is when a new all-time high test and altcoin run will occur.”
Meanwhile, the research of the cryptocurrency exchange Bitfinex Shows that after Bitcoin reached an all-time high of $73,666 in March, long-term (LTH) holders sold significant amounts of their BTC, leading to a period of price consolidation.
The report notes that the correction phase appears to be nearing its end.
Bitcoin reserves on exchanges are declining and new accumulation addresses have increased in the last month. “We also see that LTHs, who had sold significant portions of their holdings at the peak, are now accumulating Bitcoin for the first time since December 2023,” the firm said.
US stock markets also posted gains. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 and Nasdaq Composite rose 0.8% and 1.5%, respectively.