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AI-Linked Crypto Tokens Underperform as Apple's Event Fails to Impress Traders
Tokens of Render, Fetch.ai, SingularityNET and Bittensor slumped 3%-5% despite mostly flat bitcoin and broader crypto prices.
Updated Jun 11, 2024, 6:01 p.m. Published Jun 10, 2024, 8:20 p.m.
- Apple shares tumbled nearly 2% as tech giant unveiled its AI plans during the annual developers event.
- The rout rippled through AI-adjacent cryptos which underperformed the broader digital asset market.
Artificial intelligence-linked (AI) cryptocurrencies slumped Monday as tech giant Apple's (AAPL) highly-anticipated annual developers event failed to inspire traders.
Native tokens of Render (RNDR), Fetch.ai (FET) and SingularityNET (AGIX) declined 3%-5% over the past 24 hours, while Bittensor's TAO tumbled nearly 6% during the same time. Layer-1 network Near Protocol also dropped 3.2%.
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The CoinDesk Computing Index, which includes tokens with AI-related utilities, was one of the worst-performing sectors among digital assets, losing 2.5% in market value during the day and underperforming bitcoin and the broader digital asset benchmark CoinDesk 20 Index.
The decline happened as expectations were high for the tech giant to reveal its AI plans and how it would weave artificial intelligence into its offerings at this week's Apple Worldwide Developers Conference (WWDC2024). The firm on Monday announced Apple Intelligence, a suite of AI features for iPhones, Mac and other products, and a partnership with Sam Altman's OpenAI to integrate ChatGPT into Apple software.
Apple shares, however, closed the trading session nearly down 2% despite slight gains for key U.S. equity indexes.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
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