Bitcoin Price – Bitcoin Surges Above $58,000 as U.S. Tech Stocks Rally
Bitcoin Price – Bitcoin (BTC) surpassed $58,000 during Asian trading hours on Thursday, driven by a rally in U.S. tech stocks and positive movements in Asian equities. Despite this increase, U.S. spot Bitcoin ETFs faced outflows, with Ark Invest’s ARKB experiencing a significant $54 million outflow. This comes after a brief period of inflows.
Impact of U.S. Inflation Data
The rise in Bitcoin prices coincided with new U.S. inflation data for August, which supported expectations of a Federal Reserve rate cut in the coming weeks. Core inflation rose to more than 0.3%, faster than anticipated, reinforcing speculation about monetary policy adjustments.
Technology Stocks and Asian Markets
U.S. technology stocks had a strong day, with Nvidia (NVDA) ending up 8.2%, and major companies like Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) seeing gains of up to 2.13%. This bullish trend extended to Asian markets on Thursday, with indices in Japan, South Korea, and Taiwan showing substantial increases. Japan’s Nikkei 225 index broke a seven-day losing streak as the yen slightly retreated from a record high against the U.S. dollar.
Sui Token Outperformance
In the crypto space, Sui (SUI) emerged as a standout performer, surging over 16% according to CoinDesk Indices data. This outperformance is likely linked to Grayscale’s announcement regarding the opening of the Grayscale Sui Trust. According to Grayscale’s public information, the Net Asset Value (NAV) per share of the Trust is $13.50, with each share holding 14.95 SUI tokens, valuing each Sui token in the trust at $0.90. Given Sui’s current market value of just over $1, there seems to be an anticipated discount on the Grayscale platform.
Modest Gains in AI Tokens
AI-related tokens also saw modest gains, supported by reports that OpenAI is planning to raise $6.5 billion at a valuation of $150 billion. NEAR Protocol’s (NEAR) token increased by 6%, while the Artificial Superintelligence Alliance’s (FET) token rose by 9%, trading above $1.40.
FAQ: Bitcoin, Tech Stocks, and Market Movements
Why did Bitcoin’s price surge above $58,000?
Bitcoin’s price surged above $58,000 due to a rally in U.S. technology stocks and positive movements in Asian equities. The increase in technology stock valuations provided upward momentum for Bitcoin, which also benefited from broader market gains in Asia.
What happened with U.S. spot Bitcoin ETFs?
Despite Bitcoin’s price increase, U.S. spot Bitcoin ETFs experienced outflows. Ark Invest’s ARKB ETF saw a notable $54 million outflow on Wednesday, which contributed to a $43 million total outflow for U.S. Bitcoin ETFs after a two-day inflow streak.
How did U.S. inflation data affect the markets?
U.S. inflation data for August showed core inflation rising faster than expected to more than 0.3%. This supported expectations for a Federal Reserve rate cut in the coming weeks, influencing market movements, including Bitcoin and tech stocks.
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