Markets
BNB reaches all-time high as crypto market recovers
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 openings data for April.
Bitcoin has risen above $71,000 while Ether is flat and Solana has gained 4%, as per CoinGecko.
The native token of the BNB Chain ecosystem has reached a new all-time high of $711 after soaring 6% in the last 24 hours. BNB broke 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 liquidity pools .
In an appearance on CNBC this morning, SEC Chairman Gary Gensler he 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 on June 4, raising $887 million and further boosting investor sentiment.
Weak employment data
According to the US Department of Labor, job openings it fell to 8.059 million in April, falling to a 3-year low. This number was below the Dow Jones estimate of 8.4 million job openings.
“The crucial $70,000 level needs to be broken” he said Michael Van De Poppe, CEO of MN Trading. “Bitcoin did a test there yesterday, but failed to pass. When that happens, that will be when a new test and all-time series of altcoins will happen.”
Meanwhile, research from cryptocurrency exchange Bitfinex show that after Bitcoin reached an all-time high of $73,666 in March, long-term holders (LTHs) sold significant amounts of their BTC, leading to a period of price consolidation.
The report noted that the correction phase now appears to be coming to an end.
Bitcoin reserves on exchanges have been decreasing and new accumulation addresses have been increasing over the last month. “We also see that LTHs, which sold significant portions of their holdings at the peak, are now reaccumulating 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.