The cryptocurrency sector showed signs of recovery early Friday, with a 0.13% rise in aggregate valuation, adding $352 million. Exchange-based tokens like **BNB**, **OKB**, and **BGB** led the charge, collectively gaining **$1.9 billion amid market volatility. Meanwhile, Bitcoin, Shiba Inu, and Chainlink** emerged as top performers among the top 20 cryptocurrencies.
Bitcoin Market Updates
- Price Surge: Bitcoin climbed above **$83,000**, marking a **5% increase** from its 24-hour low of $79,000.
- ETF Flows: Bitcoin ETFs recorded $143 million in outflows** on Thursday, following a brief inflow of **$13 million on Wednesday—the first positive movement since early March.
Derivatives Market Analysis
- Trading Volume: Declined 14% to $75.77 billion.
- Open Interest: Crossed $48 billion, up 1.5% in 24 hours.
This suggests Bitcoin’s rebound lacks strong conviction, with traders opting for low-volume positions amid uncertain market conditions.
Altcoin Performers: Chainlink, Shiba Inu, and XRP Lead Gains
Top altcoins like XRP, BNB, Chainlink, and SHIB posted notable gains, though the broader market saw only a 0.13% recovery. This indicates sector rotation rather than fresh capital inflows.
Key Altcoin Movements:
Ripple (XRP):
- +2.3% in 24 hours, holding above $2.3.
- Boosted by speculation of the SEC classifying XRP as a commodity in settlement talks.
Binance Coin (BNB):
- Trading sideways above $570.
- Recent rumors of Trump family negotiations to acquire Binance lifted sentiment.
Shiba Inu (SHIB):
- +4%, trading at $0.000012.
- Traders capitalize on oversold conditions after a prolonged dip.
Chainlink (LINK):
- +5%, reclaiming the $20 level.
- Demand driven by TradFi and AI partnerships leveraging its oracle networks.
Exchange Tokens Shine: BNB, OKB, BGB Rally as Traders Rotate Profits
The exchange token sector outperformed the broader market, adding $1.9 billion in valuation.
Top Exchange Tokens:
| Token | Price | 24h Change |
|-------|------------|------------|
| BNB | $578.51 | +0.2% |
| OKB | $45.05 | +7.5% |
| BGB | $4.18 | +3.7% |
👉 Why exchange tokens are gaining traction
Drivers of Demand:
- Fee discounts and staking rewards.
- Governance benefits attract traders during high volatility.
Caution: Without fresh bullish catalysts, buyer fatigue could trigger liquidations.
Crypto News Roundup
1. Russia Uses Crypto for Oil Trade to Bypass Sanctions
- Bitcoin, Ether, and stablecoins facilitate payments to China and India.
- Crypto now accounts for a small but growing portion of Russia’s $192B annual oil trade.
2. BlackRock’s BUIDL Fund Hits $1B Milestone
- The tokenized treasury fund offers exposure to U.S. T-bills on Ethereum.
- Ethena Labs contributed $200M recently.
3. U.S. Senate Advances Stablecoin Regulation Bill
- Federal oversight for stablecoin issuers moves closer to reality.
- 18-6 vote in committee signals bipartisan support.
FAQs
Q1: Why are exchange tokens like BNB and OKB rising?
A1: Traders rotate profits into exchange-native assets for fee discounts and staking rewards during volatility.
Q2: What’s driving Shiba Inu’s rally?
A2: Oversold conditions and bargain-hunting traders pushed SHIB up 4%.
Q3: How does Russia use crypto in oil trade?
A3: Crypto bypasses Western sanctions, enabling payments in yuan/rupees via intermediaries.
👉 Explore more on crypto market trends
Disclaimer: For informational purposes only. Past performance does not guarantee future results.