Cryptos: 30,351
Exchanges: 782
Market Cap: $2,352,867,791,878.6
24h Vol: $34,772,447,563.2
Dominance: BTC: 54.0% - ETH: 18.2%

AI Cryptocurrencies Drop as Apple’s AI Focus Fails to Impress

By

Prices of AI-linked crypto tokens like Render (RNDR) and Fetch.ai (FET) fell after Apple’s WWDC failed to deliver groundbreaking AI announcements.

AI Cryptocurrencies Drop as Apple's AI Focus Fails to Impress img (1)
Photo: Medhat Dawoud/Unsplash

Artificial intelligence (AI)-powered cryptocurrencies took a hit on Monday after tech giant Apple’s (AAPL) annual developers conference failed to excite investors.

Tokens associated with projects like Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) saw price declines between 3% and 5% over the past 24 hours. Bittensor’s token (TAO) fared even worse, dropping nearly 6%. Even the Layer-1 network Near Protocol (NEAR) wasn’t spared, experiencing a 3.2% decrease.

The CoinDesk Computing Index, which tracks tokens with AI functionalities, mirrored this slump. It was one of the worst-performing sectors within the digital asset market, losing 2.5% of its value. This underperformance extended to Bitcoin (BTC) and the broader CoinDesk 20 Index.

Leading up to the Apple Worldwide Developers Conference (WWDC2024), anticipation was high for the company to unveil its roadmap for AI integration across its products. While Apple did announce “Apple Intelligence,” a suite of AI features for its devices, and a partnership with OpenAI to incorporate ChatGPT, these announcements seemingly fell short of investor expectations.

Adding to the disappointment, Apple shares themselves closed the trading session down nearly 2%, despite gains in major U.S. stock indexes.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.

ABOUT THE AUTHOR

Adrian Pang
Cryptocurrency and AI Author
Adrian Pang is a Singaporean-born author with a keen interest in the convergence of finance, technology, and artificial intelligence. His expertise lies in the realms of cryptocurrency, blockchain technology, AI applications, and the regulatory landscape surrounding these emerging fields. Adrian is committed to bridging the knowledge gap by translating complex technological concepts into accessible language, empowering readers to grasp their potential impact on the future of finance.

Be the first to know about crypto news every day

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.