Since April 12, Bitcoin has reached $71,000 for the first time, just one wave away from the record high of $73,800 set in March this year. In addition, Binance platform coin BNB rose sharply for two consecutive days, finally breaking through the record high, reaching $710, rising by more than $100 in two days, and the market value exceeded $100 billion. Other Altcoin tokens are also rising, including Bitcoin Ecosystem ($CKB +25%), BSC Ecosystem ($CAKE+19%), $UNI+20%...
Is the Altcoin, which has been talked about for a long time, really coming this time?
1. BNB hits a new high of $710, surpassing Starbucks in market value
Concept coin: $BNB (+11%)
BNB has risen sharply for two consecutive days. At first, it was thought that Binance Launchpad was about to launch a new project, which drove the rise of BNB. However, no new news has been announced so far, but BNB has risen by more than 17% in two days, setting a new historical high. BNB's current market value is 103.8 billion US dollars, surpassing Starbucks and ranking fourth in the crypto market value ranking.
2. The inflow of funds to the top ten Bitcoin spot ETFs in the United States yesterday was close to US$1 billion, with net inflows for 16 consecutive days
Concept currency: $BTC (+2.4%)
Bloomberg ETF analyst Eric Balchunas wrote on the X platform: "Fidelity is not to be outdone. Today (US time), the top ten funds had very active fund flows, totaling nearly $1 billion. This is the second best day since mid-March. A total of $3.3 billion has flowed in over the past four weeks, and $15 billion has flowed in this year (this is the highest value of our 12-month forecast). The 'third wave' is turning into a tsunami."
This is the 16th consecutive day of net inflows into Bitcoin spot ETFs.
3. Uniswap Labs said it was ready to release important information and it was suspected to have reached a settlement with the US SEC. $UNI surged 20%
Concept currency: $UNI (+20%)
Uniswap Labs announced last night that it was preparing to release important information. The community speculated that it might reach a settlement with the U.S. Securities and Exchange Commission, or UNI empowerment or new features. Influenced by this news, $UNI rose sharply, and the current increase is over 20%, now at $11.4.
According to previous reports, on June 1, the Uniswap Foundation postponed the vote on UNI staking and delegation rewards, resulting in a nearly 10% drop in UNI during the day, falling below $10 at one point.
4. South Korea’s new law requires crypto deposits to pay interest, Upbit may be affected
According to news last night, a new Korean law will require banks to pay interest on deposits in cryptocurrency exchanges, which could seriously affect KBank's profits. KBank currently has $3.6 billion in deposits from major cryptocurrency exchange Upbit, accounting for more than 20% of its customer balances. Under the new law, if the interest rate is set at 1%, KBank will need to pay about 50 billion won ($36 million) in interest, which is equivalent to its current profit. The law will take effect in July 2024, and the timing is particularly unfavorable for KBank, which is preparing to go public. Upbit is the largest cryptocurrency exchange in South Korea, and other Korean banks have no significant exposure to cryptocurrency deposits.
Upbit has listed new coins for three consecutive days, including Beam (BEAMX), Stargate (STG), and Bounce Token (AUCTION). Upbit is currently the exchange with the largest increase in the price of listed coins. Every time it announces the listing of a new coin, the coin will immediately increase by at least 50%. It is still unknown how much Upbit will be affected by the new law.
