Crypto investors search for direction in market rout – The Irish Times
Cryptocurrencies are among the most speculative of assets, prone to the famous vagaries of investors and their animal spirits.
As the prices of artificial intelligence (AI) stocks have swollen over the past two years, so, too, have crypto valuations. That now most household of names, bitcoin, has at times tracked and exceeded the feverish investment in the tech sector.
Worth about $30,000 (€26,000) in September 2023, the currency topped $100,000 in May – and appears to have peaked at $126,000 early last month.
However, as concerns have mounted about wild overvaluations in the tech sector and an AI bubble – as well as concerns about the pace of interest rate cuts – the digital currency has since lost more than 25 per cent of its…
