Skip to main content

Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest Wanes

Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest Wanes

Less than two months ago, a collection of 74 listed cryptocurrencies centered around artificial intelligence (AI) amassed an impressive $4 billion valuation. However, the intervening weeks have seen a sharp decline in crypto-AI economy gains, with losses of $730 million. The three most prominent AI-driven crypto projects have all suffered double-digit losses, ranging from 10% to 29.58%, against the U.S. dollar over the last 30 days.

Interest in the Combination of Crypto and Artificial Intelligence Has Declined, Crypto-AI Token Economy Sheds $730M

Various data points suggest that interest in and value of crypto-AI projects has waned. Global search trends for “crypto ai” peaked in early February 2023, with a Google Trends’ score of 100. Despite the rise, over the past 90 days, the score has slumped to a low of 22. Slovenia, the Netherlands, Cyprus, Lebanon, and Nigeria make up the top five countries interested in “crypto ai” searches at present.

In February, the collective crypto AI economy reached a $4 billion milestone, driven by impressive gains among top AI-focused cryptocurrencies following a multibillion-dollar investment by Microsoft in Openai, the creators of Chatgpt. However, the crypto AI sector has since incurred significant losses. Current data from cryptoslate.com indicates that $730 million has been wiped off the crypto AI token economy.

The largest crypto AI asset by market capitalization, graph (GRT), has suffered a loss of 10.71% in the past month. The second largest AI-centric crypto asset, singularitynet (AGIX), has fared worse, down 29.58% in the same period. Fetch (FET), the third largest crypto AI token, has seen a 14.36% drop in value over the past 30 days. Most of these losses occurred during the last seven days of trading, coinciding with a general downturn in the broader crypto market.

Overall, the crypto tokens associated with artificial intelligence have declined by 7.38%. The past week has been particularly rough, with a drop of 15.70% recorded. Currently, the 24-hour global trade volume for the crypto AI sector stands at $325.58 million. Interestingly, the cannabis-focused crypto sector is currently the top performer, having gained 3.89% against the greenback in the past week, according to data from cryptoslate.com.

What do you think the future holds for the intersection of AI and cryptocurrency? Why do you think interest in crypto-ai projects is waning? Share your thoughts about this subject in the comments section below.



from Bitcoin News https://ift.tt/9erS8na
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more