Why AI and Crypto Are Hot This Week
After breaking out to fresh highs last week, Bitcoin (BTC-USD) continued to catch the market’s attention. BTC topped over $122,500 on Monday. It has more catalysts ahead this week.
The cryptocurrency bill advanced through Congress. Crypto markets are waiting for the House of Representatives to pass crypto-related bills. The Republicans are framing them as “crypto week.” The first bill the House votes on relates to federal requirements for stablecoins.
The bill needs such coins backed by liquid assets. This might include the U.S. dollar and Treasury bills.
The House is also voting on a bill that prevents the U.S. from issuing CBD, or a central bank digital currency. This preserves the privacy of Americans.
Artificial intelligence stocks might get another boost for the rest of this week. Reuters reported that a White House official and a person familiar with the plans said that Trump will announce a $70 billion investment.
The $70 billion is for initiatives in energy and AI. Expect speculators to accumulate more Nvidia (NVDA) stock. The company crossed the $4 trillion market capitalization last week.
Traders might buy Super Micro Computer (SMCI), CoreWeave (CRWV), and Nebius Group (NBIS). Among the magnificent 7, Alphabet (GOOG), Meta Platforms (META), and Microsoft (MSFT) might tick higher, thanks to the government initiative announcement.
