Live updates: Bitcoin holds below $80,000 as AI buildout draws investor attention and capital
Interest rates and oil are slipping and equities are rising, but crypto remains under pressure.
Bitcoin has held steady below $80,000, according to live updates, as investor attention and capital shift towards artificial intelligence (AI) developments. Analyst Jason Calacanis warned that Bitcoin may test the $57,000 low point within the next year, expressing skepticism about the cryptocurrency's value proposition compared to AI-driven technologies.
TAO, a Bitcoin-based token focused on AI scaling, has experienced a 25% drop over the past month and 38% decline over the past year. Despite the overall market downturn, with Ether (EHT) and Solana (SOL) also experiencing declines, XRP (XRP) saw a 1% increase after Ripple secured a final approval to launch its U.S. national trust bank.
Bitcoin prices have dropped by 2.5% over the past week as interest rates and expectations of Federal Reserve rate hikes have eased, while oil prices have partially regained some earlier gains. The AI sector has recently attracted significant investment, with Meta announcing a $95 billion capital raise and Anthropic filing for an IPO aimed at raising up to $100 billion.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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