Key facts
- Bitcoin rose above $64,000, showing the only significant daily gain among major cryptocurrencies.
- Ether, XRP, Dogecoin, BNB, Tron, and Solana all saw declines or remained flat.
- Bitcoin miners have cut computing power by 21% over three quarters, redeploying capacity to AI infrastructure.
- AI platform Venice announced it has surpassed $100 million in annualized revenue.
- Oil prices increased to over $91 a barrel due to geopolitical factors.
- Broader markets, including stocks and bonds, experienced declines.
Bitcoin surpassed $64,000 on Tuesday, marking the only significant daily gain among major cryptocurrencies as the broader market declined. Ether eased by half a percent to just under $1,900, while XRP fell over 1% to just under $1. Dogecoin, BNB, Tron, and Solana also saw minor decreases or remained flat.
Analysts suggest Bitcoin is currently trading within a $62,000 to $65,000 range, remaining below key moving averages, which indicates that sellers are in control of medium- and long-term trends. This price action persists despite a notable shift in the Bitcoin mining sector, where publicly listed miners have collectively reduced their computing power by 21% over the past three quarters. This reduction is attributed to weak mining economics and miners redeploying capacity towards AI infrastructure, seeking better returns and competing for electricity.
In the AI sector, the platform Venice, founded by crypto entrepreneur Erik Voorhees, announced it has achieved over $100 million in annualized revenue, with its VVV token rising 10% on the day to approximately $13.30.
Meanwhile, broader market conditions were pressured by rising oil prices, which surged above $91 a barrel. This increase followed President Donald Trump's indication that he would not extend an agreement with Iran, coupled with intensified fighting in Lebanon. The geopolitical concerns contributed to renewed inflation worries, causing Asian bonds to decline in line with Treasuries, and leading to a drop in stocks and futures.