Bitcoin Breaks Above $64,000 as Miners Pivot to AI

Bitcoin has broken above $64,000, achieving a notable daily gain while other major cryptocurrencies stagnated or declined. This shift comes as publicly listed bitcoin miners have reduced their computing power by 21% over three quarters to focus on artificial intelligence infrastructure, a sign of weak mining economics and competition for resources.

Meanwhile, the AI platform Venice has reported annualized revenue of over $100 million, leading to a 10% boost in its VVV token. This surge is a testament to the growing interest in AI applications and their potential impact on cryptocurrency markets.

The global oil market has also seen significant fluctuations, with prices rising above $91 per barrel amid geopolitical tensions. These events have added inflation concerns, putting pressure on bonds and stocks. Bitcoin's price remains stuck between $62,000 and $65,000, with sellers dominating the medium- and long-term trends until it breaks this range.