Bitcoin continued to stabilize around $92,000 in Asian trading on Thursday, following a period of volatility. The cryptocurrency’s slight recovery comes amidst a vigorous tech-led rally in regional stock markets, largely fueled by impressive earnings from Nvidia and a diminished concern regarding a potential AI bubble. Despite the positive momentum, trading volumes in the crypto market remain cautious as traders evaluate macroeconomic risks and await critical economic data from the U.S.
In the latest market snapshot, Bitcoin is priced at $92,512, reflecting a 2.3% increase. Other notable cryptocurrencies include Ether, which climbed 1.2% to $3,035, and XRP, edging up 0.1% to $2.14. The overall cryptocurrency market capitalization reached $3.23 trillion, marking a 1.9% rise.
Michael Saylor, executive chairman of the software firm Strategy, addressed concerns about Bitcoin’s market dynamics during an interview with Fox Business. Saylor dismissed fears regarding Wall Street’s influence on Bitcoin’s volatility, arguing instead that as institutional adoption has intensified, the asset’s price fluctuations have actually diminished. “We are getting a lot less volatility,” he stated, emphasizing Bitcoin’s resilience amid recent market turbulence.
Concurrently, Asian equity markets were invigorated by positive sentiment surrounding Nvidia’s performance. Major stock indices in Japan and South Korea, in particular, saw substantial gains. The MSCI Asia Pacific index—excluding Japan—rose approximately 1.2%, rebounding from a month-long low. On Wall Street, futures linked to the S&P 500 climbed 1.3%, reflecting a recovery after a four-day losing streak driven by concerns over tech valuations.
Japan’s Nikkei 225 index surged around 3.2%, while South Korea’s Kospi followed suit with a 2.6% increase. The rally was largely attributed to significant gains in semiconductor firms and tech suppliers allied with Nvidia’s success. Noteworthy performers included Samsung Electronics, SK Hynix, and Advantest, which saw stock gains between 4% and 9%. Even SoftBank Group, which had divested its Nvidia stake in October, gained about 3.5%.
However, not all markets mirrored this optimism. Hong Kong’s Hang Seng index fell by approximately 0.1%, hindered by declines in electric vehicle and tech firms. A key index on the mainland erased earlier gains, maintaining a flat position. Xiaomi’s shares dropped as the company signaled an increase in global smartphone prices due to rising chip costs, while the electric vehicle sector felt pressure from concerns over slowing demand post-subsidies.
As investors direct their focus back to the U.S., anticipation is building for the delayed jobs report from September, expected later in the trading session. This report will serve as a critical indicator for the health of the labor market and the Federal Reserve’s forthcoming monetary policy decisions. Minutes from the Fed’s October meeting, recently released, indicated a hesitant approach to interest rate cuts, highlighting concerns about inflation and public trust in monetary policy.
