The decline seen in markets last week – especially cryptocurrency markets – will see at least a temporary reversal on Monday, with investors rejoicing over Amazon’s (AMZN) plans. Invest up to $50 billion To expand the US government’s artificial intelligence and supercomputing infrastructure.
This news helped the Nasdaq rise by 2.3% at noon on the East Coast and the S&P 500 by 1.4%.
The risk attitude in the markets is spreading to cryptocurrencies, boosting Bitcoin It returned to $87,300 after falling almost to $80,000 at one point on Friday. Bitcoin is still down more than 7% on a weekly basis.
The biggest beneficiaries of Amazon news right now are Bitcoin miners who have adjusted their business models to focus on AI and high-performance computing infrastructure. Cipher Mining (CIFR) shares rose 18%, while CleanSpark (CLSK) and IREN (IREN) shares rose 13%. Hut 8 (HUT) was 9% higher.
Other crypto-related names in the green include Coinbase (COIN), Galaxy Digital (GLXY), and Bullish (BLSH), all sporting advances of 4%-5%.
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