- The recent developments from tech giant Apple have stirred the cryptocurrency market, particularly affecting altcoins.
- The company’s annual developer conference did not live up to the expectations despite announcing a new artificial intelligence product.
- Post-event, notable AI-focused cryptocurrencies such as Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) experienced a downturn.
The latest announcement from Apple has caused a ripple effect in the crypto market, affecting several AI-focused altcoins. Read on to discover more about these changes and their implications.
Apple’s AI Announcement and Its Immediate Impact
During Apple’s highly anticipated annual developer conference, the company unveiled its latest AI innovation, Apple Intelligente, which will be integrated into all IOS-based devices. However, the announcement failed to impress investors and stakeholders, resulting in an adverse reaction in the AI-driven altcoin market.
Performance of AI-Focused Altcoins
The negative sentiment following Apple’s presentation significantly impacted some of the well-known AI cryptocurrencies. Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) experienced a considerable drop in value. According to CoinGecko data, Bittensor’s TAO witnessed the most significant decline, plummeting around 8%. The downtrend extended to RNDR, FET, and AGIX, which fell by approximately 7%, 3%, and 3.4% respectively, disappointing many investors.
Broader Market Implications
This downturn isn’t isolated to the crypto market. Apple’s shares also dropped by roughly 2% following the announcement. However, it is essential to note that despite the recent setbacks, many of these AI projects have showcased remarkable performance since the beginning of the year, achieving significant market capitalizations.
Conclusion
In summary, Apple’s recent AI product unveiling has had a sweeping impact across different markets, but it is the AI-focused altcoins that have felt the brunt of the disappointment. While these cryptocurrencies have seen a short-term decline, their impressive year-to-date growth suggests that this might be a temporary setback rather than a long-term trend. Investors and market watchers should continue to monitor these altcoins and Apple’s further advancements in AI technology to better understand future market movements.
