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Bitcoin rebounds amid tech stocks rally
Bitcoin surged above $57,000 during Asian morning hours on Thursday, boosted by a rally in U.S. technology stocks and gains in Asian stocks.
Spot bitcoin ETFs in the United States retreated to outflows on Wednesday, following a two-day inflow streak, losing $43 million led by a $54 million outflow from Ark Invest’s ARKB fund.
US inflation data for August supported bets on a rate cut by the Federal Reserve in the coming weeks as core inflation rose faster than expected to above 0.3%.
Meanwhile, chipmaker Nvidia closed Wednesday up 8.2%, while major stocks Microsoft, Google and Apple jumped 2.13%.
Gains were widespread in Asia on Thursday, with stock indexes in Japan, South Korea and Taiwan all rising. Japan’s Nikkei 225 index snapped a seven-day losing streak as the yen retreated slightly after Tuesday’s record high against the US dollar
Meanwhile, layer-1 blockchain Sui made waves on Thursday as the token outperformed the market, rising more than 16% according to CoinDesk Indices data, versus a 1.67% gain in the broader CoinDesk 20 index.
Elsewhere, AI tokens posted modest gains as OpenAI plans to raise $6.5 billion at a $150 billion valuation. NEAR Protocol’s token is up 6%, while Super AI Alliance’s token FET is up 9% and trading above $1.40.
