Bitcoin's price surged back above the $64,000 mark on Tuesday, reflecting a broader recovery in risk assets after several days of turbulence. This rebound is attributed to a decrease in concerns about artificial intelligence (AI) tools disrupting traditional software business models.
The software sector, represented by the iShares Software Sector ETF (IGV), experienced a 1.7% increase following recent significant losses. Several major companies, including Intuit and DocuSign, have announced partnerships with AI firm Anthropic, suggesting that established players can adapt to emerging technologies rather than being replaced.
In related news, high-performance computing firms and bitcoin miners, linked to AI data center infrastructure, saw notable gains. Firms like Bitdeer (BTDR), Cipher Mining (CIFR), Hut 8 (HUT), and TeraWulf (WULF) led the charge with increases of 6-10%. The rest of the crypto-related sector was relatively flat or experienced modest losses.