Bitcoin Jumps Above $58,000 on Tech Stock Rally, SUI Outperforms

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Bitcoin surged above $58,000 in Asian trading on the back of a rally in U.S. tech stocks and a rally in Asian stocks.

Bitcoin (BTC) rose above $58,000 in early Asian trading on Thursday on the back of a rally in U.S. tech stocks and a rally in Asian stocks. However, on Wednesday, Bitcoin spot exchange-traded funds (ETFs) in the U.S. saw outflows again after two days of inflows, posting losses of $43 million, mostly due to a $54 million outflow from Ark Invest’s ARKB product.

U.S. inflation data and tech stock gains

U.S. inflation data for August supported bets on a Federal Reserve rate cut in the coming weeks, as CORE inflation rose faster than expected, exceeding 0.3%. Chipmaker Nvidia (NVDA) shares ended the day up 8.2%, while majors Microsoft (MSFT), Google (GOOGL) and Apple (AAPL) jumped 2.13%. The gains spread to Asia on Thursday, as stocks in Japan, South Korea and Taiwan jumped. Japan’s Nikkei 225 index snapped a seven-day losing streak as the yen retreated slightly from Tuesday’s all-time high against the U.S. dollar.

SUI outperforming the market

Meanwhile, the SUI (SUI) layer-one blockchain made waves on Thursday as the token outperformed the market, posting a gain of more than 16%, according to CoinDesk Indices, compared to a 1.67% gain in the broader CoinDesk 20 (CD20) index. SUI is likely to outperform the market due to Grayscale’s recent announcement of the Grayscale SUI Trust. According to Grayscale’s public information page, the trust has a net asset value per share of $13.50, while each share holds 14.95 SUI tokens, meaning each SUI token in the trust is worth 90 cents. With Sui currently trading at just over $1, the market appears to be preparing for a Grayscale discount.

Modest gains in AI tokens

Elsewhere, AI tokens posted modest gains as Bloomberg reported that OpenAI plans to raise $6.5 billion at a $150 billion valuation. The NEAR protocol’s {{NEAR}} token rose 6%, while the Artificial Superintelligence Alliance’s FET token rose 9% to trade above $1.40.