Opinion: Speculative hot money turns to AI-related stocks, which is bad for the crypto market

Youwei Yang, Chief Economist of BIT Mining, stated that speculative hot money is shifting towards artificial intelligence-related stocks, which is not favorable for the cryptocurrency market. Currently, the US stock market views every piece of news related to artificial intelligence as positive, and due to the resulting FOMO, "cryptocurrencies have lost their charm". Youwei Yang believes that "there is only a certain amount of hot money in the market, and now all of this hot money has been invested in the field of artificial intelligence. Until cryptocurrencies can break through some convincing narratives or constructive progress, during this period, cryptocurrencies will only trade sideways, waiting for major market impacts."