Miners have cut their computing power by a fifth over three quarters to make room for AI, and Venice's token jumped 10% after the company said it crossed $100 million in annualised revenue.
Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has now spent four days below its 50-day moving average after an earlier attempt to break above it, and remains below its 200-week average on the longer view. That puts sellers in control on both the medium and very long-term trends, he said, and nothing changes until the price leaves the $62,000 to $65,000 range it has been stuck in.
Bitcoin's own network is changing shape underneath the price. Publicly listed miners have cut their combined computing power by 21% over three quarters as they redeploy capacity to AI infrastructure, according to Miner Weekly, which attributes the shift to weak mining economics and competition from the AI sector for both capital and electricity.
Venice, the AI platform founded by serial crypto entrepreneur Erik Voorhees, said it had crossed $100 million in annualised revenue, and its VVV token rose 10% on the day to around $13.30.
Broader market continued their climb. Oil surged higher, with brent rising over half a percent to just over $91 a barrel after President Donald Trump said he was not interested in extending the expiring agreement with Iran, and as fighting flared again in Lebanon.
Asian bonds followed Treasuries lower on concerns about government finances, with higher energy prices adding to worries that inflation will pick up. Stocks and futures both fell.