Opinion: Speculative hot money turns to AI-related stocks, which is bad for the crypto market
Youwei Yang, Chief Economist of BIT Mining, stated that speculative hot money is shifting towards artificial intelligence-related stocks, which is not favorable for the cryptocurrency market. Currently, the US stock market views every piece of news related to artificial intelligence as positive, and due to the resulting FOMO, "cryptocurrencies have lost their charm". Youwei Yang believes that "there is only a certain amount of hot money in the market, and now all of this hot money has been invested in the field of artificial intelligence. Until cryptocurrencies can break through some convincing narratives or constructive progress, during this period, cryptocurrencies will only trade sideways, waiting for major market impacts."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin May Face Modest Consolidation Before Potentially Testing New Highs Amid US Inflation Data

Michael Saylor Acquires $110 Million in Bitcoin
Bitcoin Spot Trading Reaches Four-Year Low Amid Market Shift
Bitcoin Mempool Quiet Despite Price Surge
Trending news
MoreCrypto prices
More








