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Bitcoin price surpasses $58,000 amid tech stock rally
The worlds first cryptocurrency Bitcoin (BTC) jumped well above $58,000 earlier today, as technology stocks saw a resurgence.CoinMarketCap data shows that on Sept. 12 Bitcoins price rose to a high of nearly $58,500. Over the 24 hours before writing, the price rose by 2.35% and corrected back down to $57,700.Bitcoin ETFs lose capitalFarside Investors data shows that United States Bitcoin spot exchange-traded funds (ETFs) data shows that on Sept. 11 this category of product has bled a considerable amount of capital. Sept. 11 saw nearly $44 million leave the U.S. Bitcoin spot ETF market, while the day before saw a net inflow of $117 million.CoinMarketCaps global charts show that over the last 24 hours the total crypto market cap went from $2 trillion to $2.03 trillion. This is equivalent to a $30 million capital injection for the crypto market.The rally in the crypto market was anticipated by an updraft in the technology stock sector. Market data shows that AI-driven chipmaker Nvidia ended the day with a 8.2% hike, while Microsoft, Google an Apple saw appreciations of up to 2.13%.Asias stock market also saw major appreciation as Japan, Taiwan and South Korea-based indices rose. Japans Nikkei 225 saw green for the first time after losing for a week straight.Ethereum (ETH) did not share Bitcoins good fortune today. CoinMarketCap data shows that despite a mid-day increase to a high of nearly $2,400, ETH is trading at just over $2,300 after losing 0.6% over the last 24 hours.SUI GainsThe same cannot be said about Sui (SUI), which far surpassed Bitcoins gains today. The developer-friendly blockchains token appreciated by 15.57% over the 24 hours by time of writing, reaching the current price of $1.02.The raise follows crypto asset manager Grayscale announcing a Sui Trust on Sept. 11. The announcement read:Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.The development follows Sui being included on our mid-June underrated gems list of crypto investments.The post Bitcoin price surpasses $58,000 amid tech stock rally appeared first on ReadWrite.
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