Coindesk

Artificial intelligence (AI) crypto tokens are failing to live up to their lofty 2024 goals despite Nvidia's (NVDA) recent conference sparking bullish sentiment among AI stocks in the traditional markets.Last March, the NEAR token doubled in the lead-up to Nividia's annual conference, gains that were mirrored across the wider crypto AI market. Fetch.AI (FET), the graph (GRT) and singularityNET (AGIX) all posted significant rallies to the upside in unison with the conference.This year, however, AI tokens have shown their fragility. NEAR is down by more than 8% in the past 24 hours while FET slumped nearly 9%. NVDA in contrast began the year trading at $133 and rose by 15% to $153 on Monday as the conference began.There are several...

After rallying over 50% since early November, bitcoin (BTC), the leading cryptocurrency by market value, looks to be carving out a pattern. If completed, this could see prices revisit the mid-$70Ks.BTC’s price action since late November has evolved into what technical analysts call a “head and shoulders” (H&S) pattern, which foreshadows a bullish-to-bearish trend change. The first failed attempt to scale the $100,000 mark in November marked the first shoulder.That was followed by the head, marking a swift retreat to $92,000 from the record high of over $108,000 in the second half of December. Meanwhile, the 5% drop to nearly $97,000 hints at the formation of a right shoulder.If the sell-off persists and prices fall below the neckline – the...

Crypto markets stumbled with bitcoin (BTC) losing the $100,000 level on Tuesday U.S. morning as two stronger-than-expected U.S. economic data prints threw cold water on digital assets' bright early-year momentum.The Bureau of Labor Statistics' JOLTS job openings for November unexpectedly rose to 8.1 million from 7.8 million the previous month, easily topping analyst estimates for a decline to 7.7 million.Released at the same time, the ISM Services Purchasing Managers Index, a monthly gauge of the level of economic activity in the services sector, came in at 54.1 for December, overshooting expectations for 53.3 and nicely ahead of November's 52.1. The Prices Paid subindex came in red-hot at 64.4, compared to the expected 57.5 and 58.2 in the previous month.While neither...

Since the November 5 election of Donald Trump to the U.S. presidency, bitcoin (BTC) is up around 47%, sharply outperforming the S&P 500's 4% advance.The incoming president, of course, has made clear his friendliness towards bitcoin and crypto. Also worth consideration is the Republican sweep of the Senate and House of Representatives, where laws that might affect crypto will ultimately be passed.Andre Dragosch, Head of Research at Bitwise in Europe, spoke exclusively with CoinDesk about other factors affecting the divergence between bitcoin and stocks."My view on bitcoin versus S&P 500 is that the stock market has been negatively affected by the Fed's hawkish rate cut in December," said Dragosch. "The Fed revised its planned rate cuts for 2025 to 2...

Ether spent most of 2024 trailing behind its cryptocurrency peers but has now firmly joined the rally sparked by bitcoin’s record-breaking climb, crossing the $4,000 mark in December but well below its all time high of $4,900.In 2024, ether gained around 53% compared to bitcoin’s 113% surge; however, ether’s recent performance shows promise. Since the U.S. election result, ether has increased 39%, outperforming bitcoin’s 35% gain and signaling a potential resurgence driven by market optimism over president-elect Donald Trump’s anticipated pro-crypto policies.Other key factors driving this optimism include robust staking dynamics, steady transaction fees and growing institutional interest, particularly through ETFs.Ether futuresWhile the year started with muted volume, CME ether futures were the go-to product for risk management as spot...