Uniswap, Starknet, BNB Lead Altcoin Gains as Bitcoin Hits $71K

Several
altcoins
led
the
price
action
Tuesday
as
the
broader
crypto
market
climbed
higher
with
bitcoin

(BTC)
hitting
a
two-week
high.

Decentralized
exchange
Uniswap’s
governance
token

(UNI)
surged
over
20%
during
the
day
following
a

cryptic
social
media
post
by
protocol
development
organization
Uniswaps
Labs
teasing
an
announcement.

Ethereum
layer-2
network
Starknet’s
token

(STRK)
also
rallied
over
10%
after
StarkWare,
the
development
firm
behind
the
chain,

laid
out
its
vision
to
use
Starknet
to
scale
the
Bitcoin
network.
The
token
price
could
come
under
pressure
as
some
$85
million
worth
of
STRK
will
be
released
from
vesting
next
week,
increasing
its
supply.

The
native
token
of
the
BNB
Smart
Chain

(BNB),
originally
started
by
crypto
exchange
Binance,

advanced
7%
approaching
its
all-time
record
price
and
surpassing
$100
billion
in
market
capitalization.
The
token
is
benefiting
from
increased
Binance
launchpool
and
launchpad
activities,
where
users
can
lock
up
BNB
to
participate
in
airdrops
and
new
token
launches.

These
tokens
outperformed
the
broad-market
crypto
benchmark

CoinDesk
20
Index,
which
was
up
1.8%
over
the
past
24
hours.
Seventeen
of
the
twenty
constituents
were
in
the
green
during
this
period,
highlighting
the
positive
trend
in
crypto
prices.

Looking
at
the
largest
digital
asset,
bitcoin
topped
$71,000
for
the
first
time
since
May
20
before
paring
gains
and
reversing
to
the
low
$70,000s.
A
fresh
set
of
U.S.
manufacturing
data
Monday
hinted
at
a
cooling
economy,
potentially
putting
interest
rate
cuts
back
on
the
Federal
Reserve’s
view
later
this
year
to
loosen
financial
conditions.

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

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
firm

K33
Research
forecasted
that
upcoming
U.S.
spot
ETH
ETFs
could
see
$4
billion
inflows
in
five
months,
leading
to
price
appreciation
and
ETH
gaining
relative
to
BTC.

Read
more:



Ether
Price
Poised
for
Supply
‘Shock’
as
ETFs
May
Attract
$4B
Inflows
in
Five
Months,
K33
Research
Says

Several
U.S.-listed
bitcoin
miners
booked
substantial
gains,
led
by
Core
Scientific
(CORZ)
40%
surge
following
a

deal
with
cloud
computing
firm
CoreWeave
to
host
artificial
intelligence
(AI)
services.
CoreWeave
also
reportedly
offered
to
buy
the
company
in
an
all-cash
offer
for
$5.75
price
per
share.

Bitcoin
miner
stocks
have
been
battered
down
after
the
quadrennial
bitcoin
halving
in
April
cut
mining
rewards
by
half
reducing
the
main
revenue
source
for
miners.
The
deal
is
an
indication
that
smaller
mining
companies
could
be
targets
for
acquisitions
as
mergers
heat
up
in
the
sector
or
diversify
to
ride
the
red-hot
AI
trend.

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