BNB Hits All-time High as Crypto Market Rebounds

Crypto markets traded higher on Wednesday morning despite lower-than-expected job openings data for April.

Bitcoin rallied above $71,000, while Ether is flat and Solana gained 4%, as per CoinGecko.

The native token of the BNB Chain ecosystem hit a fresh all-time high of $711 after soaring 6% in the past 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 Chair Gary Gensler said that the next stage 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, pulling in $887 million and further buoying investor sentiment.

Weak Jobs Data

According to the U.S. Labor Department, job openings fell to 8.059 million in April, dropping to a 3-year low. This figure was below the Dow Jones estimate of 8.4 million job openings.

“The crucial level at $70K needs to break,” said Michael Van De Poppe, CEO of MN Trading. “Bitcoin had a test there yesterday but couldn’t get through it. Once it will, that’s when a new all-time high test and run of altcoins is going to happen.”

Meanwhile, research from crypto exchange Bitfinex shows 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 nearing an end.

Bitcoin reserves on exchanges have been declining, and new accumulation addresses have been rising over the past month. “We also see LTHs, who had sold significant portions of their holdings at the peak, are now re-accumulating Bitcoin for the first time since December 2023,” the firm said.

U.S. stock markets also posted gains. The Dow Jones Industrial Average rose by 0.2%, while the S&P 500 and Nasdaq Composite climbed 0.8% and 1.5%, respectively.