Crypto market may see breakout as AI trade cools
The crypto market is poised for a potential breakout as the AI trade loses momentum.
The Philadelphia Semiconductor Index, a benchmark for chipmakers, has surged roughly 110% but has begun to lose steam.
The index entered a technical bear market after falling over 20% from its recent high, sparking concerns about valuations and overcapacity in AI infrastructure spending.
This shift in market sentiment could benefit crypto, with Bitcoin potentially seeing an elevated likelihood of a breakout as investors become more comfortable with interest rates