Sign Up on MEXC
Highlights
- Bitcoin ETFs witnessed the second-largest daily inflow at $887 million on June 4.
- The 30-day correlation between Bitcoin and Nasdaq hits two-year high hinting bullish momentum ahead.
- Altcoins rally along with BTC, with Binance Coin (BNB) hitting new all-time high.
In the past 24 hours, the Bitcoin (BTC) price has surged to $71,000, nearing its all-time highs. This rise comes just a week before the Federal Reserve meeting on June 12, indicating investor confidence in anticipated rate cuts this year. Currently, BTC is only 5% below its all-time high, entering a new price discovery zone
Fed Rate Cuts Coming Sooner by November
Traders are increasingly expecting a Federal Reserve rate cut as early as November, following data indicating moderating U.S. inflation and a weaker jobs market. Some Treasury yields experienced their largest two-day declines of the year, easing financial conditions and potentially benefiting speculative assets like cryptocurrencies.
In a note to investors, Tom Couture, digital-asset strategy vice president at Fundstrat Global Advisors, wrote: “Crypto assets are responding positively to the decline in rates”.
Moreover, strong inflows into spot Bitcoin ETFs have also contributed to pushing the BTC price higher. On June 4, Bitcoin spot ETFs experienced a substantial net inflow of $887 million, marking the second-highest single-day net inflow on record.
Key contributors included Grayscale’s GBTC ETF, which saw an inflow of $28.2 million, Fidelity’s FBTC ETF with an inflow of $379 million, and BlackRock’s IBIT ETF, which garnered $274 million. The total net asset value of Bitcoin spot ETFs now stands at $61.46 billion.
There’s a growing demand for Bitcoin ETF products across the world with Australia and Thailand becoming the two latest countries to offer the investment products.
Also, the 30-day short-term correlation between Bitcoin and the Nasdaq 100 Index of US technology stocks is currently at its highest level since early 2023. This suggests that any further gains in the Nasdaq 100 may be accompanied by a corresponding rise in Bitcoin
Altcoins Join The Party Along with Bitcoin
Altcoins have experienced a general uptick, with BNB rising over 10% in the past 24 hours to $690, pushing its market value back above $100 billion for the first time since early December 2021. TON has also surged more than 8%, making it the tenth-largest cryptocurrency by market value.
BNB’s more than 100% rally this year reflects improved perceptions about Binance’s outlook. This comes after the exchange pleaded guilty to violating US anti-money-laundering and sanctions laws in November and faced a landmark $4.3 billion penalty.
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
