JPMorgan Sparks AI Crypto Rally: Numerai Token Surges
Leading a spike in AI-focused digital assets on Wednesday was the token for Numerai, a cryptocurrency hedge fund that makes use of artificial intelligence. This followed the announcement by JP Morgan Asset Management that it would be investing $500 million in the project. CoinMarketCap reports that NMR was up 50.92% in the last day, trading close to $22.19.
AI-Powered Crypto Market Surges to $29.4B
According to CoinGecko, the AI-token market cap increased 5.8% in a single day to $29.4 billion. Even after Nvidia, whose hardware powers a large portion of the artificial intelligence boom, released lower-than-expected second-quarter earnings, the surge continued. Internet Computer (ICP) increased 1%, the token of the Artificial Superintelligence Alliance (FET) added 1.3%, and Near Protocol (NEAR) increased 1.5% among the 24-hour gainers.
From Bitcoin Skeptic to Crypto Lender: JPMorgan’s Surprising Pivot
For JPMorgan, whose CEO Jamie Dimon has long been an outspoken crypto critic, the Numerai transaction represents yet another change. Dimon once compared digital assets to decentralized Ponzi schemes and referred to Bitcoin as a scam. Dimon, however, has loosened his position.
Even if he doesn’t personally favor Bitcoin, Dimon stated at an investor day in May that JPMorgan will permit its clients to purchase it. The bank announced in June that it was investigating crypto-backed lending and providing loans secured by the digital assets that its customers owned.
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