Opinion: Speculative hot money turns to AI-related stocks, which is bad for the crypto market

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Cointime2024/06/18 00:28

By:Cointime

Youwei Yang, Chief Economist of BIT Mining, stated that speculative hot money has shifted to AI-related stocks, which is unfavorable for the cryptocurrency market. The current US stock market considers every AI-related news as a positive development, 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 a major market impact."

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.

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