Crypto miners rally on news of OpenAI-CoreWeave collaboration; Galaxy gains momentum in Nasdaq debut.

Crypto Stocks Surge on AI Deal and Nasdaq Debut Amid Rising Inflation Fears

Despite heightened inflation expectations, cryptocurrency prices largely held steady on Friday, with Bitcoin hovering around $104,000. Meanwhile, crypto-related stocks experienced notable gains fueled by artificial intelligence (AI) sector optimism.

Shares of mining and data center companies—including Cipher Mining (CIFR), Hive Digital (HIVE), Hut 8 (HUT), and TeraWulf (WULF)—jumped 10% to 20% following news that CoreWeave (CRWV) secured a $4 billion partnership with OpenAI, the developer of ChatGPT. CoreWeave itself soared over 26% in response.

Galaxy Digital (GLXY) also made a strong impression on its Nasdaq debut, climbing 8% in its first U.S. trading session. Previously listed only on the Toronto Stock Exchange, Galaxy manages digital asset investments and operates data centers.

Meanwhile, Coinbase (COIN) rebounded 9% after a sharp decline linked to a recent data breach and ongoing SEC regulatory pressures.

Real estate technology firm DeFi Development (DFDV), which employs a Solana (SOL) treasury strategy, rallied 45% after announcing a validator deal with memecoin BONK and increasing its SOL holdings.

Bitcoin ended up 1.3% higher over 24 hours, holding just above $104,000, while Ethereum (ETH) advanced 2.3% to $2,580. The broader CoinDesk 20 Index was flat, with XRP under pressure after a judge rejected Ripple’s SEC settlement proposal.

Consumer Inflation Expectations Reach Levels Not Seen in Decades

On the macro front, the University of Michigan’s latest survey revealed that consumers now expect inflation to hit 7.3% over the next year — the highest since the 1980s. Long-term expectations for inflation over the next 5 to 10 years also rose to 4.6%, a multi-decade high.

Louis Navellier, CIO of money management firm Navellier & Associates, called the numbers “shockingly elevated.”

The survey also highlighted a stark political divide, with Republicans expecting considerably lower inflation than Democrats. Despite the alarming inflation outlook, major U.S. stock indices closed higher on Friday.

However, rising inflation expectations could complicate the Federal Reserve’s plans, potentially discouraging rate cuts in the near term.

“The Fed closely monitors consumer expectations, and with inflation concerns exacerbated by tariffs, they may choose to hold off on easing monetary policy,” Navellier explained.