Bitcoin Surges Past $64K Amid Global Market Turmoil
Bitcoin (BTC) surged past $64K on Tuesday, becoming the only major cryptocurrency to show significant daily gains. The digital asset's price jumped beyond the $64,000 threshold during trading hours.
In contrast, alternative cryptocurrencies like XRP and Ethereum declined in value. XRP dropped more than 1% while showing a 2% weekly loss. Ethereum fell by approximately 0.5%, settling below the $1,900 level.
The decline of public Bitcoin mining operations is being attributed to a shift towards artificial intelligence ventures. According to Miner Weekly, these companies have reduced their aggregate hashrate by 21% over nine months due to unfavorable profitability metrics and competition from AI for both investment capital and energy resources.
The Venice platform's VVV token surged 10% following an announcement that it had exceeded $100 million in annualized revenue. The platform was launched by cryptocurrency veteran Erik Voorhees.