Economic Data from the US Boosted Artificial Intelligence Coins - Coin Bulletin

With the decrease in geopolitical concerns in the cryptocurrency markets, coins in the field of artificial intelligence (AI) have led the way in other sectors.

In addition to geopolitical concerns, the altcoin market has risen with positive employment data in the US. Bittensor (TAO) and Render (RNDR), which are focused on artificial intelligence, have gained value by up to 15% and 8% respectively in the last 24 hours.

Despite the expected increase of 140,000 jobs in September, the creation of 251,000 jobs reduced recession concerns. The unemployment rate also fell to 4.1%.

Asset management company Grayscale had increased the weight of TAO in its fund focusing on decentralized artificial intelligence projects from 3% to 27% in July. During the same period, The Graph (GRT) was added to the fund, while Livepeer (LPT) was removed.

It also had a positive impact on Bitcoin.

According to CoinGecko data, data from the US also had a positive impact on Bitcoin. The leading coin gained more than 1% on a daily basis, rising above $62,100.

Leena ElDeeb, research analyst at 21Shares, said, "Bitcoin and other crypto assets are sensitive to employment data because this data affects the Fed's interest rate decisions and when borrowing costs decline, it has a positive effect on BTC." ElDeeb added, "After the geopolitical tensions that put pressure on the market last week, we expect a resumption of fund inflows into the markets."