The diversion of speculative investor hot money into artificial intelligence-related stocks is to the detriment of the cryptocurrency market, an economist has said.

According to BIT Mining Chief Economist Youwei Yang, the stock market now regards every piece of AI news as bullish, and in light of the resulting FOMO, "crypto has lost its charm."

"There is only a certain amount of hot money in the market and it is devoted to AI now, until crypto can breakout some convincing narrative or constructive advancement, in the meantime crypto will just be trading sideways waiting for major market shocks," Yang told The Block.

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