Bitcoin (BTC) climbed above $58,000 during Asian trading hours, buoyed by a surge in U.S. technology stocks and gains in Asian equity markets. This rise comes amid a broader rally in tech stocks, with Nvidia (NVDA) gaining 8.2% and other major tech giants like Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) experiencing increases of up to 2.13%.
In contrast, U.S. spot bitcoin exchange-traded funds (ETFs) saw a setback, with outflows resuming after a brief period of inflows. Notably, Ark Invest’s ARKB ETF experienced a significant outflow of $54 million, contributing to a total outflow of $43 million from U.S. bitcoin ETFs.
The positive movement in the markets comes as U.S. inflation data for August indicated a faster-than-expected rise in core inflation, fueling speculation about a potential Federal Reserve rate cut in the near future.
In Asia, stock indices in Japan, South Korea, and Taiwan showed strong performance. Japan’s Nikkei 225 ended its seven-day losing streak, aided by a slight retreat in the yen after a record high against the U.S. dollar on Tuesday.
On the blockchain front, Sui (SUI) outperformed the broader market, rising over 16% according to CoinDesk Indices data, while the CoinDesk 20 (CD20) index increased by 1.67%. The surge in SUI is likely linked to Grayscale’s announcement of the Grayscale Sui Trust, which could be creating a favorable market environment for Sui tokens. The trust's net asset value (NAV) per share is $13.50, with each share containing 14.95 SUI tokens, implying a value of about 90 cents per SUI token, compared to its current market price of just over $1.
Meanwhile, AI tokens saw modest gains following news that OpenAI plans to raise $6.5 billion at a $150 billion valuation. NEAR Protocol’s (NEAR) token rose by 6%, and the Artificial Superintelligence Alliance’s FET token gained 9%, trading above $1.40.
