Bitcoin Surges Above $58K Amid Tech Stock Rally; Sui and AI Tokens Outperform the Market

Bitcoin Surges Above $58K Amid Tech Stock Rally; Sui and AI Tokens Outperform the Market

Bitcoin (BTC) surged past $58,000 during Thursday’s Asian trading session, buoyed by a rally in US tech stocks and rising momentum in Asian equity markets.

Meanwhile, U.S. spot bitcoin exchange-traded funds (ETFs) saw renewed outflows on Wednesday, ending a two-day inflow streak. A net loss of $43 million was recorded, driven by a $54 million outflow from Ark Invest’s ARKB product.

In economic news, U.S. inflation data for August came in higher than anticipated, with core inflation rising by more than 0.3%. This has bolstered expectations that the Federal Reserve might consider a rate cut in the near future.

Chipmaker Nvidia (NVDA) had a standout day, closing with an 8.2% gain, while major stocks like Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) all posted gains of over 2%.

Asian markets followed suit on Thursday, with stock indices in Japan, South Korea, and Taiwan rallying. Japan’s Nikkei 225 index broke a seven-day losing streak, supported by a slight retreat in the yen, which had recently hit record highs against the U.S. dollar.

In the cryptocurrency space, layer-1 blockchain Sui (SUI) outperformed the market, rising over 16%, as per CoinDesk Indices data, compared to a 1.67% increase in the broader CoinDesk 20 (CD20) index. Sui’s strong performance may be attributed to Grayscale’s recent announcement of the Grayscale Sui Trust. According to Grayscale, each share of the trust holds 14.95 SUI tokens, valued at $0.90 each, while the net asset value (NAV) per share stands at $13.50. With Sui’s market price just over $1, the market seems to be anticipating a potential discount from Grayscale.

Elsewhere in the crypto market, AI-related tokens saw moderate gains following a Bloomberg report that OpenAI is seeking to raise $6.5 billion at a valuation of $150 billion. NEAR Protocol (NEAR) rose by 6%, while the Artificial Superintelligence Alliance’s FET token climbed 9%, surpassing $1.40 in trading.