Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Bitcoin held near $92,000 in Asian trading on Thursday, steadying after a bruising stretch, while a powerful tech-led rally swept across regional stock markets on the back of strong Nvidia earnings and easing fears of an AI bubble.
The token traded in a tight range as some dip buyers returned, but crypto volumes stayed cautious with traders still wary of macro risk and the next batch of US data.
The dollar edged higher ahead of a long-delayed jobs report, keeping risk appetite contained even as equities bounced.
Market snapshot
- Bitcoin: $92,512, up 2.3%
- Ether: $3,035, up 1.2%
- XRP: $2.14, up 0.1%
- Total crypto market cap: $3.23 trillion, up 1.9%
Saylor Insists Bitcoin Is Growing Stronger Despite Recent Market Turbulence
This week, Michael Saylor, executive chairman of Strategy, pushed back on fears that Wall Street’s growing role in Bitcoin has made the asset wilder.
Speaking to Fox Business, Saylor argued that Bitcoin’s price swings have actually narrowed over time as institutional adoption has increased. “We are getting a lot less volatility,” he said, adding that “Bitcoin is stronger than ever.”
AI Chip Optimism Fuels Asia Equity Surge With Japan And Korea Leading Gains
Equity markets took their cue from Nvidia. Tech-heavy markets in Japan, South Korea and Taiwan led the charge after chief executive Jensen Huang talked up powerful demand for the firm’s AI chips from major cloud providers and brushed aside worries about an AI bubble.
MSCI’s broad index of Asia Pacific shares outside Japan rose about 1.2%, rebounding from a one month low, while futures linked to the S&P 500 climbed roughly 1.3%.
Wall Street had already snapped a four day losing streak on Wednesday as investors began to question whether the latest anxiety over AI valuations had gone too far.
Japan’s Nikkei 225 index jumped around 3.2% and South Korea’s Kospi surged about 2.6 per cent, fuelled by sharp gains in chipmakers and tech suppliers tied to Nvidia’s boom.
Names such as Samsung Electronics, SK Hynix and Advantest rallied between 4%-9% in local trade. SoftBank Group gained about 3.5% even after fully exiting its stake in Nvidia in October, reflecting the broader bid for tech risk.
Weakness In Chinese Tech And EV Names Leaves Hong Kong Trailing Regional Gains
Not every market joined the party. Hong Kong’s Hang Seng slipped around 0.1% and a key mainland gauge erased an earlier rise of roughly 0.7% to trade flat, with losses in electric vehicle makers and mixed moves in Chinese tech firms.
Xiaomi continued to fall after signalling higher global smartphone prices because of rising chip costs, while worries about slowing EV demand after the expiry of subsidies kept pressure on the sector.
Attention now turns back to Washington. Investors are waiting for September’s delayed jobs report, due later in the global session, to gauge the health of the US labour market and the Federal Reserve’s next steps.
Minutes from the Fed’s October meeting, released on Wednesday, showed policymakers cut interest rates while warning that moving too far could risk entrenched inflation and a loss of public trust in the central bank.
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