Bitcoin Other Major Coins Losing Sheen As 'Hot Money' Chasing AI FOMO? Here Is What This Analyst Says
Portfolio Pulse from Aniket Verma
The shift of investor focus towards artificial intelligence (AI) is impacting major cryptocurrencies like Bitcoin and Ethereum. BIT Mining Chief Economist Youwei Yang suggests that 'hot money' is now chasing AI, causing crypto to trade sideways. However, senior research analyst Juan Leon believes the intersection of AI and cryptocurrency could significantly boost global GDP by 2030. CoreWeave's recent $1.6 billion offer to acquire Bitcoin miner Core Scientific highlights this trend.
June 18, 2024 | 5:00 am
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Bitcoin is likely to trade sideways as investor focus shifts towards AI, according to BIT Mining Chief Economist Youwei Yang. However, the potential for AI-crypto synergy could boost its long-term prospects.
The shift of 'hot money' towards AI is expected to cause Bitcoin to trade sideways in the short term. However, the potential for AI and cryptocurrency to add significant value to the global economy could provide long-term support.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Core Scientific, a Bitcoin miner, is in the spotlight due to CoreWeave's $1.6 billion acquisition offer. This highlights the growing intersection between AI and cryptocurrency.
The acquisition offer from CoreWeave underscores the increasing importance of data centers in the AI and cryptocurrency sectors, potentially boosting Core Scientific's stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100