Uniswap, Starknet, BNB Lead Altcoin Higher as Bitcoin Reaches $71,000

• Bitcoin hit a two-week high above $71,000 before paring gains, up 1.5%.

• ISM manufacturing data for May showed a slowdown in the US economy, supporting rate cut expectations.

• Bitcoin miners CORZ, WULF, and BTDR posted double-digit gains.

Several altcoins led the price action on Tuesday as the broader cryptocurrency market climbed higher with bitcoin {{BTC}} hitting a two-week high.

The governance token of decentralized exchange Uniswap {{UNI}} rose more than 20% on the day following a cryptic post on social media from protocol development organization Uniswaps Labs anticipating an announcement.

The Ethereum layer-2 network’s Starknet token {{STRK}} also rallied more than 10% after StarkWare, the development company behind the chain, he laid out his vision use Starknet to scale the Bitcoin network. The token’s price may be under pressure as approximately $85 million worth of STRK will be released from maturation next week, increasing its supply.

The native BNB Smart Chain token {{BNB}}, originally started by cryptocurrency exchange Binance, Advance 7% approaches the all-time record price and surpasses $100 billion in market capitalization. The token is benefiting from increased activity on Binance’s launchpool and launchpad, where users can lock BNB to participate in airdrops and new token launches.

These tokens have outperformed the broad market crypto benchmark CoinDesk 20 Index, up 1.8% in the last 24 hours. Seventeen of the twenty components were in green during this period, highlighting the positive trend in cryptocurrency prices.

CoinDesk 20 leaders (CoinDesk)

CoinDesk 20 Laggards (CoinDesk)

Ranking as the largest digital asset, Bitcoin surpassed $71,000 for the first time since May 20 before paring gains and falling back to lows of $70,000. A new round of U.S. manufacturing data on Monday hinted at a cooling economy, potentially putting interest rate cuts back on the Federal Reserve’s sights later this year to ease financial conditions.

“We expect further impetus to this bullish momentum with NFP [non-farm payroll] this Friday,” crypto hedge fund QCP said in an update on Tuesday. “Markets are pricing in a 0% chance for a rate cut in June and July. A weaker NFP number could change that.”

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The second-largest crypto asset, Ether {{ETH}} changed hands at around $3,800, up 0.3% and underperforming BTC’s 1.5% advance. Crypto analytics company K33 Search expected that upcoming ETH spot ETFs in the US could see inflows of $4 billion in five months, leading to price appreciation and ETH gains versus BTC.

To know more: Ether price is poised for a supply ‘shock’ as ETFs could attract $4 billion in inflows in five months, K33 research says

Several U.S.-listed bitcoin miners posted substantial gains, led by a 40% surge in Core Scientific (CORZ) following a deal with cloud computing company CoreWeave to host artificial intelligence (AI) services. CoreWeave has reportedly offered to buy the company in an all-cash offer at a price of $5.75 per share.

Shares of Bitcoin miners slumped after bitcoin’s four-year halving in April halved mining rewards, reducing the main source of revenue for miners. The deal is an indication that smaller mining companies could be takeover targets as mergers heat up in the industry or diversify to ride the red-hot artificial intelligence trend.

Large-cap Marathon Digital (MARA) rose 5%, while small-cap TeraWulf (WULF), Bitdeer (BTDR), and Hive Digital Technologies (HIVE) gained 22%, 12%, and 8%, respectively. .

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