Crypto prices again muted as gold surges to new record, U.S. stocks advance
Crypto Market Update
• Crypto prices are slightly down in the US trading session while stocks and precious metals are moving higher
• The AI trade is strong with bitcoin miners who shifted to AI infrastructure seeing big gains
• Gold and silver hit new record highs on Monday and analysts say bitcoin may not rally until these metals cool off
Market Highlights:
• Gold surged 2% to a record high of 4475 per ounce
• Silver is up 1.6% and earlier hit nearly 70 per ounce
• Nasdaq and S&P 500 are up about 0.6%
• US dollar index is down 0.3%
• Bitcoin dropped slightly from above 90000 to around 89000 but is still up in the last 24 hours
• Ether SOL and XRP are green but also pulled back from earlier highs
AI Crypto Stocks:
• Bitcoin miners focusing on AI and high performance computing are leading gains
• Alphabet is buying AI startup Intersect for 4.75 billion to expand data center capacity
• Hut 8 is up 17.5%
• IREN Cipher Mining and Bitfarms up 5% to 10%
• Circle Coinbase Bullish and Galaxy Digital are up 2% to 4%
• Strategy (MSTR) up just 0.3%
Analyst Take on Bitcoin:
• ByteTree says bitcoin and crypto may stay sideways until the bull run in gold and silver pauses
• Over the past few years bitcoin outperformed metals but silver’s recent rally has nearly matched bitcoin’s 8 year returns
$BTC /USDT