The cryptocurrency gained 1.9% to $78,764.8 after a 3.2% decline last week
Bitcoin on Monday bounced back from a weekly loss and climbed to a one-week high on hopes of regulatory progress on a key crypto legislation. Gains were capped by a hit to risk sentiment from calls to slow down artificial intelligence development and higher oil prices.
The cryptocurrency gained 1.9% to $78,764.8 by 21:54 GMT, after a 3.2% decline last week.
Bitcoin and other altcoins were not affected much from a hit to risk sentiment on Monday.
Technology stocks dropped on U.S. stock market, dragging the broader market lower, amid an uproar over artificial intelligence safety.
A lengthy blog post penned by Anthropic CEO Dario Amodei over the weekend called for a slowdown in the development of the technology. The executive said AI firms should decelerate the rate of advancement in the cutting-edge models they are racing to construct and deploy, underlining increasing concerns over the possibility that these systems will be misused.
Other AI industry tycoons backed Amodei, including OpenAI chief executive Sam Altman, xAI founder Elon Musk, and Demis Hassabis, co-founder and chair of Alphabet’s Google DeepMind.
In other news, Bitmine Immersion Technologies on Monday said it had expanded its Ethereum treasury to 5,956,378 ETH, adding 27,180 tokens over the past week. The holdings were valued at around $15 billion as of September 13, based on an ETH price of $2,513. The company said its stash now represented 4.9% of Ethereum’s total supply of 122 million tokens.
Bitmine also disclosed that as of September 7, it had staked 5,067,309 ETH, about 85% of its holdings at the time, worth an estimated $12.7 billion at the company’s stated price. The firm said its staking activity produced a 7-day annualized yield of 2.62%, implying projected annual staking revenue of $334 million.
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