KEYTAKEAWAYS
- Bitcoin reaches a two-week high of $71,000 as altcoins like $UNI and $STRK record substantial gains amid positive market trends.
- Anticipation of U.S. economic data influences market expectations, with potential Federal Reserve interest rate cuts bolstering bullish sentiments.
- Kraken lists new PoliFi tokens $BODEN and $TREMP, offering U.S. traders novel ways to engage in politically themed cryptocurrency investments.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
ALTCOINS SURGE AS BITCOIN CLIMBS, KRAKEN LISTS POLITICAL TOKENS
Market Uptrend: Altcoins and Bitcoin Rally
The broader cryptocurrency market is experiencing significant gains, with bitcoin (BTC) reaching a two-week high of $71,000 before stabilizing in the low $70,000s. This uptick accompanies notable increases in altcoins such as Uniswap’s $UNI, which soared over 20% following a teaser of upcoming news by Uniswap Labs.
Starknet’s $STRK also jumped by more than 10% after announcements about scaling the Bitcoin network. Additionally, the BNB Smart Chain token surged 7%, pushing its market capitalization beyond $100 billion, fueled by increased activity on Binance’s launchpool and launchpad platforms.
Economic Signals and Bitcoin’s Outlook
Amidst these gains, fresh U.S. manufacturing data indicating a potential economic slowdown has investors anticipating possible interest rate cuts by the Federal Reserve, which could further stimulate the market.
Cryptocurrency hedge fund QCP suggests that upcoming non-farm payroll (NFP) data could significantly influence Federal Reserve policies, hinting at a continued bullish momentum for cryptocurrencies.
Spotlight on Ethereum and Crypto Miners
Ethereum (ETH) reported a modest gain of 0.3%, underperforming compared to bitcoin’s 1.5% rise. Prospects for Ethereum look promising with forecasts of $4 billion in inflows from upcoming U.S. spot ETH ETFs.
In parallel, U.S.-listed bitcoin miners like Core Scientific are seeing remarkable gains, with Core Scientific up 40% after a strategic AI hosting deal with CoreWeave, which also proposed an acquisition offer.
Emerging Political Tokens on Kraken
Kraken has officially listed the PoliFi tokens $BODEN and $TREMP, marking the first time these politically themed meme coins are available to U.S. residents on a major exchange. Following the listing, $BODEN’s value increased by over 10%, while $TREMP saw a 5% rise.
These tokens, embodying caricatures of political figures, signify an evolving trend of blending politics with cryptocurrency, offering a new medium for political expression among traders.
