Bitcoin dropping below $60,000 to a fresh cycle low has left investors searching for a culprit. According to Greg Cipolaro, global head of research at NYDIG, there probably isn’t only one.
In a report last week, he argued that bitcoin and the broader crypto market is facing several overlapping headwinds that have been weighing on prices.
The AI trade sits near the top of his list as bitcoin is increasingly competing for capital with a sector that has become the market’s dominant growth story.
The overlap between AI and crypto investors is larger than many assume, he argued. Both attract investors seeking exposure to emerging technologies and outsized returns. As AI-related stocks continue to outperform, capital followed and…
