Artificial intelligence craze leaves crypto for dust

StoneX analyst Weller says there just doesn’t seem to be a compelling reason to buy bitcoin right now and the AI boom still has legs. — Reuters

BITCOIN is undeniably having a great year, but is losing momentum just when it might have been expected to go up a gear.

Its traditionally strong and positive correlation with technology stocks, in particular the “mega tech” and growth stocks that have exploded higher in recent weeks, has completely broken down.Bitcoin’s rolling 30-day correlation with the Nasdaq last week flipped to its most negative in six months, and its correlation with the NYSE FANG+TM index of mega tech and growth equity plunged to its most negative in nearly four years.