Economic Data from the US Sends AI Coins Soaring
With the decrease in geopolitical concerns in cryptocurrency markets, coins in the field of artificial intelligence (AI) have led other sectors.
Along with geopolitical concerns, the altcoin market has risen with positive employment data in the US. AI-focused Bittensor (TAO) and Render (RNDR) gained 15 percent and 8 percent in value in 24 hours, respectively.
Despite the expected 140,000 job increase in September, the creation of 251,000 jobs has reduced recession concerns. The unemployment rate fell to 4.1 percent.
Asset management company Grayscale increased the weight of TAO in its fund focused on decentralized AI projects from 3 percent to 27 percent in July. During the same period, The Graph (GRT) was added to the fund and Livepeer (LPT) was removed from the fund.
It also positively affected Bitcoin
According to CoinGecko data, data from the US also positively affected Bitcoin. The leading coin gained more than 1 percent on a daily basis, rising above $62,100.
“Bitcoin and other crypto assets are sensitive to employment data because this data affects the Fed’s interest rate decisions and positively affects BTC when borrowing costs fall,” said Leena ElDeeb, research analyst at digital asset management company 21Shares. “Following the geopolitical tensions that put pressure on the market last week, we anticipate a resumption of funds into the markets,” ElDeeb added.
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