skip to Main Content
bitcoin
Bitcoin (BTC) $ 97,389.09 0.95%
ethereum
Ethereum (ETH) $ 3,328.52 3.13%
tether
Tether (USDT) $ 1.00 0.09%
solana
Solana (SOL) $ 248.84 3.91%
bnb
BNB (BNB) $ 652.71 1.38%
xrp
XRP (XRP) $ 1.37 7.07%
dogecoin
Dogecoin (DOGE) $ 0.416898 6.84%
usd-coin
USDC (USDC) $ 1.00 0.11%
cardano
Cardano (ADA) $ 0.986704 8.26%
staked-ether
Lido Staked Ether (STETH) $ 3,327.16 3.15%

Bitcoin Jumps Over $58K Amid Tech Stock Rally, SUI Outperforms

  • Bitcoin surpassed $58,000 during Asian trading hours, influenced by a rally in U.S. tech stocks and positive movements in Asian equities.

  • Despite the bitcoin price increase, U.S. spot bitcoin ETFs experienced outflows, with Ark Invest’s ARKB seeing a notable $54 million outflow.

  • AI tokens posted modest gains amid reports that OpenAI is planning to raise $6.5 billion at a $150 billion valuation.

Bitcoin (BTC) rose above $58,000 during the Asian morning hours on Thursday on the back of a rally in U.S. technology stocks and gains in the Asian equity market.

However, spot bitcoin exchange-traded funds (ETFs) in the U.S. slipped back to outflows on Wednesday, after a two-day inflow streak – losing $43 million led by a $54 million outflow from Ark Invest’s ARKB product.

U.S. inflation data for August supported bets for a Federal Reserve rate cut in coming weeks as core inflation rose faster than expected to more than 0.3%.

Chipmaker Nvidia (NVDA) ended the day up 8.2%, while major stocks Microsoft (MSFT), Google (GOOGL) and Apple (APPL) jumped as high as 2.13%.

Gains spread to Asia on Thursday as stock indices in Japan, South Korea and Taiwan surged. Japan’s Nikkei 225 index broke out of a seven-day losing streak as the yen slightly retreated after a record high on Tuesday against U.S. dollars.

Meanwhile, layer-1 blockchain Sui (SUI) made waves on Thursday as the token beat the market, up over 16% according to CoinDesk Indices data, versus a 1.67% rise in the broader CoinDesk 20 (CD20) index.

SUI is likely outperforming the market because of Grayscale’s recent announcement about opening the Grayscale Sui Trust.

According to a public information page from Grayscale, the NAV per share of the Trust is $13.50, while each share has 14.95 SUI tokens in it, putting the value of each Sui token in the trust at 90 cents. Considering Sui’s current value of just over $1, the market seems to be setting up for a Grayscale discount.

Elsewhere, AI tokens posted modest gains as Bloomberg reported that OpenAI is planning to raise $6.5 billion at a valuation of $150 billion. NEAR Protocol’s (NEAR) token is up 6%, while the Artificial Superintelligence Alliance’s FET token is up 9% and trading above $1.40.

Edited by Parikshit Mishra.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top