Two hours prior to the open of the U.S. stock market, bitcoin has slid back to $79,750, down 0.6% over the past 24 hours. Ether (EHT) and solana (SOL) are down similarly, but XRP (XRP) is higher by 1% after Ripple won a final go-ahead to launch its own U.S. national trust bank.
Bitcoin is now down 2.5% over the past week even as interest rates and Fed rate hike expectations have pulled back, and the price of oil has reversed some larger gains from earlier this month.
Equities have also turned higher, the Nasdaq gaining more than 1% yesterday and futures higher by 0.4% today.
The AI trade — it appears — is at least temporarily back, and drawing investor attention and capital. Just in the past 24 hours, Meta announced a $95 billion capital raise, and Anthropic filed for an IPO, with reports suggesting the company could aim to raise up to $100 billion. That’s nearly $200 billion that will be bet on AI, and not crypto.
Looking ahead, the Fed will complete its two-day policy meeting on Wednesday, and markets fully expect the U.S. central bank to hold rates steady.
