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Analysis: Amazon's $50 Billion AI Infrastructure Investment Boosts Cryptocurrency Market Sentiment
BlockBeats News, November 25th, according to CoinDesk, last week the market (especially the crypto market) experienced a sharp decline, but this Monday sentiment saw at least a temporary reversal — investors were uplifted by Amazon's announcement that it will expand artificial intelligence and supercomputing infrastructure for the U.S. government, with a planned investment of up to $500 billion.
This news propelled the Nasdaq to rise 2.3% at midday Eastern Time, while the S&P 500 rose 1.4%. Risk appetite also spread to the crypto market, with the price of Bitcoin rebounding to $87,300, after briefly falling below $80,000 on Friday. Nevertheless, Bitcoin's weekly performance still showed a drop of over 7%.
Benefiting the most from the positive news from Amazon were those companies that have adjusted their business models to focus on AI infrastructure and high-performance computing in the Bitcoin mining industry:
· Cipher Mining (CIFR) surged 18%
· CleanSpark (CLSK) and IREN (IREN) both rose 13%
· Hut 8 (HUT) rose 9%
Other crypto-related companies also saw widespread gains, including Coinbase (COIN), Galaxy Digital (GLXY), and Bullish (BLSH), all rising by 4%-5%.
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