According to ChainCatcher, CoinDesk reported that the market (especially the crypto market) experienced a sharp decline last week, but sentiment reversed at least briefly on Monday – investors were boosted by Amazon's (AMZN) announcement of a plan to invest up to $50 billion in the U.S. government to expand artificial intelligence and supercomputing infrastructure.
This news propelled the Nasdaq up 2.3% and the S&P 500 up 1.4% by midday Eastern Time. Risk appetite also spilled over into the crypto market, with Bitcoin prices rebounding to $87,300, after briefly dipping below $80,000 on Friday. Despite this, Bitcoin is still down more than 7% week-over-week. Benefiting most from the Amazon news were Bitcoin mining companies that had adjusted their business models and focused on AI infrastructure and high-performance computing: Cipher Mining (CIFR) surged 18%, CleanSpark (CLSK) and IREN (IREN) both rose 13%, and Hut 8 (HUT) climbed 9%. Other crypto-related companies also generally rose, including Coinbase (COIN), Galaxy Digital (GLXY), and Bullish (BLSH), all gaining between 4% and 5%.
