Bitcoin Jumps Above $58K as Tech Stocks Rally

Bitcoin (BTC) rose above $58,000 in early morning trading, following a rally in U.S. technology stocks and gains in Asian stock markets.

However, spot bitcoin exchange-traded funds (ETFs) in the U.S. snapped a two-day streak of inflows, with Ark Invest’s ARKB leading the outflows with $54 million.

US inflation data for August supported bets on a Federal Reserve rate cut, with core inflation rising faster than expected to above 0.3%.

Chipmaker Nvidia (NVDA) closed the day up 8.2%, while Microsoft (MSFT), Google (GOOGL) and Apple (APPL) rose as much as 2.13%.

Gains also spread across Asia, with stock indexes in Japan, South Korea and Taiwan rising. Japan’s Nikkei 225 index snapped a seven-day losing streak after the yen hit a record high against the U.S. dollar on Tuesday.

According to CoinDesk Indices data, layer-1 blockchain Sui (SUI) outperformed the market by gaining over 16% compared to the 1.67% increase in the CoinDesk 20 (CD20) index.

SUI’s 16% surge came after Grayscale’s Sui Trust announcement.

According to Grayscale’s factsheet, the Trust has a NAV per share of $13.50, while each share holds 14.95 SUI tokens, pricing the value of each Sui token in the trust at 90 cents. Given Sui’s current valuation of just over $1, the market appears to be preparing for a Grayscale correction.

AI tokens posted modest gains as Bloomberg reported that OpenAI is looking to reach a valuation of $150 billion. NEAR Protocol’s NEAR token is up 6%, while Artificial Superintelligence Alliance’s FET token is up 9% and trading above $1.40.