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
Solana-based GPU tokenization protocol Compute Labs raises pre-seed round at $30 million token valuation
Quick Take Compute Labs has raised $3 million in a pre-seed funding round led by Protocol Labs. The round brought Compute Labs’ fully diluted token valuation to $30 million, founder Albert Z told The Block.
