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Bitcoin recovers only marginally after reaching a 15-month low late Tuesday on the back of a selloff in software and data company stocks.
These stocks were dented by investor concerns that new developments in artificial intelligence will supplant software. “Yesterday’s concerns stemmed from the Anthropic’s AI tool which would impact revenue streams of software firms operating in the legal space,” Jefferies economist Mohit Kumar said in a note.
Elsewhere, Middle East tensions persist after the U.S. shot down an Iranian drone but U.S. officials said negotiations are still expected this week, keeping diplomacy on the table. Bitcoin rose 0.5% to $76,526 after hitting low of $72,902 Tuesday, LSEG data show.