Bitcoin Surges to New High Amid AI Boom and Inflation Woes

Bitcoin's price has reached a 30-day high above $65,000, but where does it go from here? The cryptocurrency has climbed 11% since July 1 and is currently trading just under $66,000 per unit.

The AI boom continues to attract significant capital, with the top 10 positions in the S&P 500 directly exposed to the artificial intelligence revolution. Combined, these businesses carry a market capitalization of over $25 trillion.

Meanwhile, inflation remains above the Federal Reserve's 2% target, and investors can't bank on lower interest rates in the near future. This could be a headwind for Bitcoin, as capital continues to flow into AI stocks.