Markets
BNB Hits All-Time High as Crypto Market Rebounds
Bitcoin ETFs had their second best day ever, with $887 million in inflows on June 4.
Crypto markets traded higher Wednesday morning despite lower-than-expected job posting data for April.
Bitcoin surpassed $71,000, while Ether is stable and Solana gained 4%, according to CoinGecko.
The native token of the BNB Chain ecosystem has reached a new all-time high of $711 after climbing 6% in the last 24 hours. BNB crossed 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.
During an appearance on CNBC this morning, SEC Chairman Gary Gensler said that the next step in the ETH ETF approval process “will take some time,” which could explain ETH’s relative underperformance today.
Meanwhile, Bitcoin ETFs had their second best day ever on June 4, bringing in $887 million and further boosting investor confidence.
Weak employment data
According to the U.S. Department of Labor, job openings fell to 8.059 million in April, falling to its lowest level in 3 years. This figure was lower than the Dow Jones estimate of 8.4 million job openings.
“The crucial $70,000 level must be exceeded” said Michael Van De Poppe, CEO of MN Trading. “Bitcoin took a test there yesterday but couldn’t pass. Once it does, that’s when a retest and unprecedented altcoin run will take place.
Meanwhile, research from crypto exchange Bitfinex watch that after Bitcoin hit an all-time high of $73,666 in March, long-term holders (LTH) sold significant amounts of their BTC, leading to a period of price consolidation.
The report notes that the correction phase now appears to be coming to an end.
Bitcoin reserves on exchanges have declined and new accumulation addresses have increased over the past month. “We also see that LTHs, who had sold a significant portion of their holdings at the peak, are now re-accumulating Bitcoin for the first time since December 2023,” the company said.
U.S. stock markets also posted gains. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 and Nasdaq Composite climbed 0.8% and 1.5%, respectively.