Bitcoin rose above $58,000 during these moments of trading on Thursday, supported by a recovery in US technology stocks and gains in the Asian stock market.
However, US-based bitcoin exchange-traded funds (ETFs) saw outflows on Wednesday after two days of inflows, losing $43 million.
US inflation data for August supported bets on a Federal Reserve rate cut in the coming weeks.
Chipmaker Nvidia Corp (NASDAQ:NVDA) closed up 8.2% yesterday, while shares of major companies such as Microsoft Corp (NASDAQ:MSFT), Alphabet Class A (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL) rose as much as 2.13%.
Gains extended to Asia on Thursday as stocks in Japan, South Korea and Taiwan rose. Japan’s Nikkei 225 index snapped a seven-day losing streak after the yen retreated slightly from its highest level against the U.S. dollar on Tuesday.
Meanwhile, the SUI/USD blockchain project made a jump on Thursday as the token surged by more than 16%.
Sui appears to be outperforming the market thanks to Grayscale’s recent announcement of the launch of the Grayscale Sui Trust. According to Grayscale’s public information page, the net asset value per share in the fund is $13.50, while each share contains 14.95 Sui tokens, making each Sui token in the fund worth 90 cents.
Elsewhere, AI-related tokens saw moderate gains as Bloomberg reported that OpenAI plans to raise $6.5 billion at a valuation of up to $150 billion. NEAR Protocol’s token (NEAR/USD) rose 6%, while Artificial Superintelligence Alliance’s (FET/USD) token surged 9% to above $1.40.
Bitcoin and Elections
Bitcoin fell below $57,000 yesterday after traders were affected by the US presidential debate between Democratic candidate Kamala Harris and Republican candidate Donald Trump, who supports the cryptocurrency sector.
Bitcoin is among the so-called Trump trades due to his clear support for the digital asset sector. As such, Bitcoin has become a subject of close attention as it instantly reflects the superiority in the debate.
While Harris, the US vice president, has yet to announce a specific position on cryptocurrencies, a campaign adviser said last month that Harris would support policies that promote the growth of the sector, while emphasizing the importance of safeguards against harmful practices.
For his part, Trump is seeking to win over the crypto community for donations and votes in a tight race for the presidency, promising to turn the United States into the crypto capital of the world. This is a major shift in his position, as he previously described the sector as a fraud.
