Bitcoin Surpasses $58,000 Amid Tech Stock Rally And Positive Asian Markets

According to CoinDesk, Bitcoin rose above $58,000 during Asian trading hours on Thursday, driven by a rally in U.S. technology stocks and gains in Asian equity markets. Despite this increase, U.S. spot bitcoin ETFs experienced outflows, with Ark Invest’s ARKB seeing a notable $54 million outflow, contributing to a total loss of $43 million after a two-day inflow streak. U.S. inflation data for August supported expectations for a Federal Reserve rate cut in the coming weeks, as core inflation rose faster than anticipated to more than 0.3%. This economic backdrop saw chipmaker Nvidia (NVDA) end the day up 8.2%, while major stocks like Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) saw gains as high as 2.13%. These gains extended to Asian markets on Thursday, with stock indices in Japan, South Korea, and Taiwan surging. Japan’s Nikkei 225 index broke out of a seven-day losing streak as the yen slightly retreated after hitting a record high against the U.S. dollar on Tuesday. Meanwhile, layer-1 blockchain Sui (SUI) outperformed the market, rising over 16% according to CoinDesk Indices data, compared to a 1.67% rise in the broader CoinDesk 20 (CD20) index. SUI's performance is likely influenced by Grayscale’s recent announcement about opening the Grayscale Sui Trust. According to Grayscale, the NAV per share of the Trust is $13.50, with each share containing 14.95 SUI tokens, valuing each Sui token in the trust at 90 cents. Given Sui’s current market value of just over $1, the market appears to be anticipating a Grayscale discount. Elsewhere, AI tokens posted modest gains amid 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.