Uniswap, Starknet and BNB lead Altcoin gains as Bitcoin hits $71,000

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

• ISM manufacturing data for May showed a slowdown in the U.S. economy, bolstering rate cut expectations.

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

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

Decentralized exchange Uniswap governance token {{UNI}} surged more than 20% in the day following a enigmatic post on social media by protocol development organization Uniswaps Labs teasing an announcement.

The Ethereum layer 2 network’s Starknet token {{STRK}} also rose more than 10% after StarkWare, the development company behind the chain, presented his vision use Starknet to scale the Bitcoin network. The token price could be under pressure as some $85 million of STRK will be released from the acquisition next week, increasing its supply.

The BNB Smart Chain native token {{BNB}}, initially launched by crypto exchange Binance, advance 7% approaching its all-time high price and surpassing $100 billion in market capitalization. The token benefits from increased activity in Binance’s launch pool and launchpad, where users can lock up BNB to participate in airdrops and new token launches.

These tokens outperformed the crypto benchmark on a large scale CoinDesk 20 Index, up 1.8% in the last 24 hours. Seventeen of the twenty constituents were in the green during this period, highlighting the positive trend in crypto prices.

CoinDesk 20 leaders (CoinDesk)

CoinDesk 20 latecomers (CoinDesk)

As for the largest digital asset, bitcoin rose above $71,000 for the first time since May 20, before paring its gains and returning to the all-time low of $70,000. A new round of U.S. manufacturing data on Monday hinted at a slowing economy, which could challenge the Federal Reserve’s interest rate cuts later this year to ease financial conditions.

“We expect further momentum in this bullish dynamic with the NFP [non-farm payroll] this Friday,” crypto hedge fund QCP said in a Tuesday update. “Markets are pricing in a 0% chance for a rate cut in June and July. A lower NFP figure 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. Cryptocurrency analysis company K33 Planned research that the upcoming US spot ETH ETFs could see inflows of $4 billion in five months, leading to price appreciation and a gain for ETH against BTC.

Learn more: Ether price set for supply ‘shock’ as ETFs could attract $4 billion in inflows in five months, says K33 Research

Several US-listed Bitcoin miners posted substantial gains, led by Core Scientific (CORZ) up 40% following a agreement with cloud computing company CoreWeave to host artificial intelligence (AI) services. CoreWeave also reportedly offered to buy the company in an all-cash offering for $5.75 per share.

Bitcoin miner stocks took a hit after the Bitcoin halving in April cut mining rewards in half, reducing miners’ main source of income. The deal indicates that smaller mining companies could be acquisition targets as mergers intensify in the sector or diversify to keep up with the hot AI trend.

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

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