Crypto: Here's how Apple is destroying AI-linked tokens!

On June 10, 2024, Apple’s annual developers event took an unexpected turn for the crypto world. The highly anticipated announcements on AI, including the integration of ChatGPT, left investors unimpressed. Consequently, AI-linked cryptocurrencies experienced a steep drop, demonstrating the complex relationship between traditional tech and crypto.

Apple Intelligence: A Disappointment for Crypto Investors

Apple unveiled its personal intelligence system, Apple Intelligence, promising the integration of powerful generative models with personal context. Nevertheless, this announcement failed to attract investors. In fact, Apple’s stock dropped nearly 2%. As a result, AI-related cryptos felt the ripple effect.

Native tokens of Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) plunged by 3% to 5%. Additionally, the Bittensor (TAO) token dropped nearly 6%. This reaction demonstrates the sensitivity of the crypto market to technological advancements by giants like Apple.

ChatGPT Integration: A Shot in the Dark?

Apple’s announcement of its partnership with OpenAI to integrate ChatGPT into iOS, iPadOS, and macOS also disappointed. Despite the revolutionary potential of this integration, cryptos did not react positively. Near Protocol (NEAR), a blockchain network focused on AI, fell by 3.2%.

This decline highlights a disconnect between the enthusiasm for AI in traditional tech and its impact on the crypto market. Furthermore, the confirmation of the partnership by Greg Brockman, co-founder of OpenAI, failed to reverse the trend.

Hope for AI Cryptos?

Despite the plunge, the history of crypto shows resilience in the face of technological shocks. In 2022-2023, skeptics predicted the end of cryptos with AI. Yet, Render and Fetch.ai adapted.

Moreover, the gradual rollout of Apple Intelligence until 2025 offers an opportunity. Bittensor could refine its decentralized AI to complement Apple’s. Render could optimize its graphic rendering for future Apple users. This potential synergy between AI cryptos and tech giants gives hope for a token rebound.

The reaction of AI cryptos to Apple’s event reveals the complexity of their relationship with traditional tech. The drop in tokens like Render, Fetch.ai, and Bittensor shows that even major announcements can disappoint. However, the 2025 horizon for the full deployment of Apple Intelligence and ChatGPT gives hope for a brighter future for AI cryptos, provided they prove their worth in this evolving ecosystem.