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Bitcoin surpasses $64,000 again, crypto miners see an upturn as decline in AI-related software stabilizes.
Sellers are taking a pause as bitcoin’s Fear & Greed Index dropped to unprecedented levels.
Bitcoin rebounds from its lowest points on Tuesday
What to know:
- Cryptocurrency values experienced a slight recovery on Tuesday, as bitcoin rose above $64,000.
- The bitcoin Fear & Greed Index dropped to 5, a threshold not observed even during the 2018 bear market, the 2020 Covid downturn, and the 2022 crypto winter.
- Concerns regarding AI have subsided on Wall Street, with the troubled software sector (IGV) increasing by 1.7% following a significant decline in recent weeks.
Bitcoin returned above $64,000 during early U.S. trading on Tuesday, following a broader recovery in risk assets after several days of volatility.
Recently trading at $64,200, bitcoin was still down by 0.75% over the previous 24 hours, yet it remained significantly above the morning low of $62,500. Ether (ETH) and Solana (SOL) also reduced substantial early losses.
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The close relationship between cryptocurrencies and technology stocks was evident, with software shares — represented by the iShares Software Sector ETF (IGV) — gaining 1.7% after recent significant declines due to fears that artificial intelligence (AI) tools might undermine their business models.
The increase followed announcements from some firms, including Intuit and DocuSign, about partnerships with AI company Anthropic, indicating that established players might be able to adapt rather than face displacement.
In contrast, traditional safe havens saw declines. Gold dropped by 1.5% during the session, while crude oil fell by 0.5% as geopolitical tensions lessened. Reports indicated that Iran’s deputy foreign minister Majid Takht-Ravanchi stated the country “is ready to take any necessary step to reach a deal with the U.S.,” alleviating concerns of an imminent military action.
The tech-focused Nasdaq 100 increased by 1.1%, while the broader S&P 500 rose by 0.8%.
Companies involved in high-performance computing and bitcoin mining — increasingly linked to AI data center infrastructure — also participated in the upward movement. Bitdeer (BTDR), Cipher Mining (CIFR), Hut 8 (HUT), and TeraWulf (WULF) led the gains, rising between 6% and 10%.
Most other sectors related to cryptocurrency experienced slight declines, with Coinbase (COIN), MARA Holdings (MARA), and Strategy (MSTR) among those showing losses between 0.5% and 1%.
