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

Sep 11, 2024
  • 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.
As a seasoned crypto investor with a knack for navigating market fluctuations, I find myself intrigued by this morning’s dynamic performance. Bitcoin breaking the $58,000 barrier during Asian trading hours is always an exciting sight, especially when it’s backed by positive movements in tech stocks and Asian equities. However, the U.S. spot bitcoin ETF outflows, particularly the notable one from Ark Invest’s ARKB product, are a cause for caution.On Thursday mornings in Asia, Bitcoin (BTC) surpassed $58,000 due to a surge in U.S. tech stock prices and growth in the Asian stock market, fueling its upward trend.

On Wednesday, bitcoin ETFs in the U.S. saw a reversal to outflows following a run of two consecutive days of inflows, with a total of $43 million being withdrawn. The main contributor to this was a $54 million outflow from the ARKB product managed by Ark Invest.

The U.S. inflation figures for August suggest that the Federal Reserve might lower interest rates within the next few weeks, due to the unexpectedly high increase (over 0.3%) in core inflation rates.

On the closing bell, semiconductor company Nvidia (NVDA) saw an 8.2% increase in its share price. Meanwhile, tech giants Microsoft (MSFT), Google (GOOGL), and Apple (APPL) experienced upward surges of up to 2.13%.

On Thursday, gains extended to Asia as the stock markets in Japan, South Korea, and Taiwan experienced significant growth. Japan’s Nikkei 225 index ended its seven-day losing streak as the Japanese yen eased slightly following a record high set on Tuesday against U.S. dollars.

Yesterday, the layer-1 blockchain Sui (SUI) stood out with its token experiencing a significant increase of more than 16%. This is according to data from CoinDesk Indices, while the broader CoinDesk 20 (CD20) index only saw a rise of 1.67%.
It’s plausible that SUI is beating the market due to the recent disclosure by Grayscale regarding the launch of the Grayscale Sui Trust. In simpler terms, the strong performance of SUI could be attributed to Grayscale’s recent decision to set up a trust for Sui.
Based on data from Grayscale’s public information page, each share of their Trust contains approximately 14.95 SUI tokens, with a total value of around 90 cents per token. However, the current market price of Sui is more than $1. This suggests that the market price of Sui may be higher than its value within the Grayscale Trust, indicating a potential discount for Grayscale’s offering.
In other news, AI-related tokens saw modest increases as Bloomberg disclosed OpenAI’s intention to secure $6.5 billion funding at a whopping $150 billion valuation. The NEAR Protocol’s token jumped by 6%, while the FET token from the Artificial Superintelligence Alliance surged by 9% and is now trading above $1.40.

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2024-09-12 09:26