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Crypto

Hayes warns AI bubble burst could hit crypto, sells altcoins and focuses on BTC and ETH

BitMEX co-founder Arthur Hayes said he has sold all major altcoin holdings and refocused his crypto portfolio on bitcoin and ether. He warned that if enthusiasm for investment in the AI industry fades in the short term, risk assets broadly could face a correction. Hayes cited oil prices, potential large IPOs by SpaceX, Anthropic and OpenAI, and possible anti-AI policies by U.S. President Donald Trump as key factors that could shake the AI boom.

AI & Enterprise

New York state passes bill banning new AI data centres for 1 year

New York state has passed legislation to pause development of large data centres for 1 year, applying to facilities with maximum demand of 20 megawatts or more. The measure is not yet final and requires Governor Kathy Hochul’s signature, with a decision deadline in December. Lawmakers say the moratorium is intended to allow time to assess effects on the power grid and the environment, including electricity, water and land use.

Crypto

Kevin Warsh takes office as Fed chair, markets eye hawkish stance and pro-crypto leaning

Kevin Warsh has formally taken office as the 17th chair of the U.S. Federal Reserve, drawing attention from global financial and crypto markets. Investors are watching whether he will prioritise maintaining a tight stance over rate cuts, given his past criticism of an oversized Fed and support for balance-sheet reduction. His publicly favourable view of bitcoin and scepticism about retail CBDC issuance are also in focus, alongside possible changes to Fed communication.