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Cryptocurrency News Articles
Cryptocurrencies Surge as Bitcoin Rebounds Amid Interest Rate Cut Hopes
May 06, 2024 at 11:44 am
On Monday, cryptocurrencies Fetch AI (FET), SingularityNET (AGIX), AIOZ Network, and Render Token (RNDR) surged significantly, likely due to Bitcoin's positive performance. These altcoins exhibit a close correlation with BTC, which rose amid weak US economic data and speculations of potential Federal Reserve rate cuts later this year. Additionally, the upcoming merger of Fetch AI and SingularityNET into the Superintelligence Alliance Token (ASI) contributed to the tokens' rally.
Strong Performance for Cryptocurrencies Linked to Bitcoin's Recovery Amidst Interest Rate Reduction Expectations
On Monday, several cryptocurrencies, including Fetch AI (FET), SingularityNET (AGIX), AIOZ Network, and Render Token (RNDR), surged in value, demonstrating a significant rebound from recent lows.
FET, AGIX, and AIOZ Soar
FET rallied to $2.40, exhibiting a remarkable 28% increase from its lowest point last week. SingularityNET experienced a similar surge, rising to $1, an increase from its previous low of $0.7595. AIOZ Network also witnessed a notable recovery, rebounding to $0.7650.
RNDR'sImpressive Gains
Render Token, another popular cryptocurrency, joined the upward trend, reaching $10, a significant 42% increase from its weekly low of $6.8.
Bitcoin's Influence and the Catalyst for Growth
The primary driver behind this cryptocurrency rally is their close correlation with the price of Bitcoin. After experiencing a decline to $56,540 last week, Bitcoin has rebounded and now stands comfortably above $63,000. Typically, altcoins follow the price movements of Bitcoin.
Federal Reserve Rate Cut Expectations
Bitcoin's recovery can be attributed to recent weak economic data from the United States, which has fueled expectations that the Federal Reserve will implement rate cuts in the future. A report by the Conference Board indicated a drop in consumer confidence to its lowest point since September 2022.
Additionally, two reports from the Institute for Supply Management (ISM) revealed that both the manufacturing and services sectors' Purchasing Managers' Indices (PMIs) fell below 50 in April, signaling a potential contraction in these sectors.
Friday's Bureau of Labor Statistics (BLS) report further added to the evidence of economic weakness, revealing that the economy created only 175,000 jobs in April, while the unemployment rate rose to 3.9%.
These reports arrived shortly after the Federal Reserve's latest interest rate decision, which kept rates unchanged but hinted at a data-dependent approach going forward. Consequently, the swap market is now indicating two potential rate cuts later this year.
Historically, cryptocurrencies tend to perform well in periods of low interest rates or when the Federal Reserve signals future cuts. This trend also extends to traditional financial markets, with US stock indices such as the Dow Jones, Nasdaq 100, and S&P 500 experiencing gains, while the US dollar index weakened.
Upcoming Merger of AI Tokens
Another contributing factor to the surge in Fetch AI and SingularityNET tokens is the upcoming merger between the two projects, along with Ocean Protocol. Post-merger, FET will be converted into ASI with a supply of 2.63 billion tokens, while AGIX and OCEAN will become ASI at conversion rates of 0.4333 and 1, respectively.
Fetch.ai recently minted an additional 1.47 billion tokens to support the ASI Token Exchange Mechanism. The merger aims to establish a unified AI platform amidst the rapidly expanding AI industry. Fetch AI provides a decentralized user agent, while SingularityNET offers a decentralized platform for developing AI tokens, and Ocean Protocol facilitates the monetization of AI applications through tokenization.
Artificial Intelligence Industry's Growth
The performance of these AI-related tokens also reflects the growing investment in the artificial intelligence industry. Microsoft, a tech giant, has announced plans to invest $2.2 billion in Malaysia and over $3.2 billion in the United Kingdom. These investments highlight the increasing importance of AI in various sectors.
In conclusion, the recent surge in cryptocurrencies such as FET, AGIX, AIOZ, and RNDR is primarily driven by Bitcoin's recovery and expectations of future Federal Reserve rate cuts. The upcoming merger of Fetch AI, SingularityNET, and Ocean Protocol also contributes to the positive sentiment surrounding AI-related tokens. As the AI industry continues to expand, these tokens are expected to remain in focus for investors seeking exposure to the rapidly evolving field of artificial intelligence.
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