Bitcoin jumps over $58K amid tech stock rally, SUI outperforms

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.

US 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.