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Wednesday, June 5, 2024
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Bitcoin hits $71,000, BNB sets new ATH as altcoins and Wall Street prosper

Short Bitcoin liquidations have surged to over $20 million in the past 24 hours, helping push the largest digital asset by market capitalization to briefly hit the $71,000 mark.

BTC price chart – 1 day | Source: TradingView

US stocks

Stock market futures were largely flat on Tuesday night as investors braced for private payroll data and the latest batch of corporate earnings reports.

Dow Jones futures rose 49 points, or 0.1%. S&P 500 and Nasdaq 100 contracts also increased about 0.1%.

In after-hours trading, Hewlett Packard Enterprise shares rose more than 16% after beating Wall Street expectations for the fiscal second quarter. CrowdStrike jumped nearly 7% thanks to a better-than-expected earnings report.

The moves came after a quiet but triumphant day on Wall Street. The Dow rose about 140 points, while the S&P 500 and Nasdaq Composite edged up nearly 0.2%.

Jobs and labor turnover (JOLTS) data released on Tuesday showed there were 8.059 million vacancies in April, the lowest in more than three years. It was also well below the consensus forecast of 8.4 million from economists surveyed by Dow Jones.

The next notable jobs statistics are released on Wednesday. Economists polled by Dow Jones predict the data will show private employers adding 175,000 jobs in May.

Traders will also keep an eye on data on services and non-manufacturing purchases on Wednesday. Attention will then turn to weekly jobless claims in the May jobs report, the all-important data due out on Thursday and Friday.

On the earnings report front, retailer Dollar Tree is expected to share results today. Sportswear maker Lululemon will also release earnings after the market closes.

Bitcoin and Altcoins

Bitcoin’s price rally over the past day has seen a total of $27 million in Bitcoin positions liquidated. The cryptocurrency market as a whole saw more than $87 million in liquidations during the same period. According to Coinglass data, of these liquidations, the majority, around $50 million, were short positions.

Bitcoin is currently changing hands around $70,900, up more than 3% in the past 24 hours.

BTC price chart – 4 hours | Source: TradingView

As QCP Capital reported on Tuesday, “access to traditional capital flows around the world is certainly helping support Bitcoin prices, with the leading asset hitting $71,000 in today’s trading session.” .

On the Altcoin side, the market rebounded strongly yesterday.

Leading the growth momentum was memecoin Floki (FLOKI) as the project recorded a profit of more than 20% on the day, erasing all losses during the previous correction. Followed by Uniswap (UNI) as this token bounced more than 19%.

ORDI, the first token minted via the BRC-20 standard on Bitcoin, was up 16% on the day, hovering above $55, the highest price recorded since early April.

Stacks (STX) also jumped 14% while BNB (BNB), the native token of the Binance exchange, climbed more than 10%, setting a new ATH above the $700 mark.

Other major projects in the top 100 include Core (CORE), Toncoin (TON), Starknet (STRK), Flow (FLOW), OKB (OKB), Bittensor (TAO), Jupiter (JUP), NEAR Protocol (NEAR), dogwifhat (WIF), Bonk (BONK)… increased by 5-9%.

Source: Coinmarketcap

While the market has been quite volatile throughout the day, Ethereum (ETH) has continued to move sideways around the $3,800 region over the past week.

ETH is currently trading just above this threshold with a slight increase of nearly 1% compared to the previous 24 hours.

ETH price chart – 1 day | Source: TradingView

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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