Bitcoin climbs to $78,000 as crypto sits out the AI selloff
Bitcoin prices rose to $78,000 as the cryptocurrency market decoupled from a broader selloff in AI-related technology stocks. While tech indices and gold declined due to concerns over AI development safety, crypto assets saw a widespread advance.
Why it matters
The divergence between crypto and traditional tech stocks suggests a shift in investor sentiment and risk appetite regarding AI-driven market volatility.
Ether ETH $ 2,518.82 rose 2.1% and XRP gained 3.3%. All but six of the CoinDesk 100 constituents are higher on the day, the broadest advance for two weeks.
Nasdaq 100 index futures dropped 1.65% and S&P 500 futures fell 0.7%, while gold slipped 0.8% and silver 1.7%. The Dollar Index has firmed 0.5%.
Global AI stocks sold off after Anthropic CEO Dario Amodei used a weekend essay to argue that AI companies should slow the pace of development of their most capable models on safety grounds, a position other technology figures publicly backed. Nvidia NVDA $ 211.74 · Market Closed fell 2.4% in premarket trading, Intel (INTC) 5.6% and Marvell Technology (MRVL) 6.3%, while South Korea's Kospi benchmark slid 3.26%.
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