OPINION: Speculative Hot Money Turns to AI-Related Stocks, Bad for Crypto Markets

Youwei Yang, Chief Economist at BIT Mining, says that the shift of speculative hot money into AI-related stocks has been bad for the cryptocurrency market, with the U.S. stock market now treating every piece of AI news as positive, and that "cryptocurrencies have lost their charm" in light of the resulting FOMO. According to Youwei Yang, "There is only a certain amount of hot money in the market, and right now that hot money is invested in AI until cryptocurrencies are able to break through with some compelling narratives or constructive advances, and in the meantime cryptocurrencies will just trade sideways and wait for a major market shock."