Seventeen of the 20 assets in the CD20 index recorded gains, highlighting the uptrend in the broader crypto market.

Bitcoin hit a two-week high above $71,000 before giving up gains to end up 1.5%.

May ISM manufacturing data showed a slowdown in the U.S. economy, boosting expectations of rate cuts.

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

Bitcoin (BTC) hit a two-week high on Tuesday as the broader cryptocurrency market climbed, with several altcoins leading the price action. The governance token (UNI) of decentralized exchange Uniswap surged more than 20% on the day after the protocol development organization Uniswap Labs published a cryptic post on social media teasing an announcement. The token (STRK) of Ethereum layer 2 network Starknet also rose more than 10% after StarkWare, the development company behind the chain, laid out its vision of using Starknet to scale the Bitcoin network. The token price may come under pressure as about $85 million worth of STRK will be released from vesting next week, increasing its supply. The native token of BNB Smart Chain (BNB), which was originally launched by cryptocurrency exchange Binance, rose 7% to near its all-time high price, with a market capitalization of more than $100 billion. The token benefited from increased activity in Binance Launch Pool and Launchpad, where users can lock BNB to participate in airdrops and new token launches. The tokens outperformed the large-cap cryptocurrency benchmark CD20 index, which rose 1.8% in the past 24 hours. During this period, 17 of the 20 constituents were in the green, highlighting the positive trend in cryptocurrency prices.

Looking at the largest digital asset, Bitcoin surpassed $71,000 for the first time since May 20 before giving up gains and reversing to lows of $70,000. A new set of U.S. manufacturing data released on Monday suggested a cooling economy, which could make the Federal Reserve reconsider rate cuts to ease financial conditions later this year.

“We expect non-farm payrolls data this Friday to further boost this bullish momentum,” crypto hedge fund QCP said in an update on Tuesday. “The market is pricing in a 0% chance of rate cuts in June and July. Weaker non-farm payrolls could change that.”

The second-largest crypto asset, ether (ETH), was changing hands around $3,800, up 0.3%, underperforming BTC's 1.5% gain. Cryptocurrency analytics firm K33 Research predicts that the upcoming U.S. spot ETH ETF could see $4 billion in inflows in five months, leading to price increases, with ETH rising relative to BTC.

Several U.S.-listed bitcoin miners recorded sharp gains, with Core Scientific (CORZ) surging 40% after reaching an agreement with cloud computing company CoreWeave to host artificial intelligence (AI) services. CoreWeave also reportedly offered to acquire the company in an all-cash deal for $5.75 per share.

Bitcoin miner stocks have been hit hard after the quadrennial bitcoin halving in April, which cut mining rewards in half, reducing miners' main source of income. The deal suggests that small mining companies could become acquisition targets as consolidation in the industry heats up or diversification to ride the hot AI trend.