Cryptocurrency Market Rebounds: Ether and BNB Lead the Surge

Cryptocurrency Market Rebounds: Ether and Binance’s BNB Lead the Charge

The cryptocurrency market experienced a significant rebound on Thursday, with Ether and Binance’s BNB token leading the surge. Ether rose 6% over the past 24 hours, reaching $2,739 by late morning in Hong Kong. This upward movement followed Cboe’s filing with the U.S. SEC to allow staking in the 21Shares Ethereum ETF, a move that could reshape the landscape of ETH exchange-traded funds. Analysts view this development as a potential turning point for Ethereum’s institutional adoption.

BNB posted the largest gain among the top 30 cryptocurrencies, soaring 12% to around $710. This rally was attributed to a technical rebound after BNB held support at $500 on February 6, a level identified as a key accumulation zone. Additionally, Binance’s new memecoin listings and promotional efforts by former CEO Changpeng Zhao to boost the BNB Chain ecosystem further fueled the surge.

Broader Market Recovery and Improved Sentiment

The broader cryptocurrency market added 3.2%, while the GMCI 30 index, which tracks the top digital assets, climbed 4.6%. Algorithmic trading played a role in the recovery, reacting to a more stable macroeconomic outlook. U.S. inflation data showed a 0.5% monthly increase in the consumer price index (CPI) on Wednesday, which initially caused market hesitation but later gave way to optimism as investors awaited further economic indicators.

Market sentiment also improved following reports that U.S. President Donald Trump claimed Russian President Vladimir Putin had agreed to discuss ending the Ukraine war. The possibility of de-escalation boosted investor confidence, contributing to the broader market rally.

This rebound highlights the cryptocurrency market’s responsiveness to both macroeconomic trends and geopolitical developments, signaling a potential shift in investor sentiment toward optimism.