Anthropic's Claude Code Raises AI Concerns, IBM Drops 11%, Crypto Markets Decline

KuCoinFlash

Release Time: 02/24/2026 01:00:49

Summary

On February 24, Anthropic announced that its Claude Code platform can automate COBOL system modernization, raising concerns about AI’s impact on traditional IT and software models. IBM’s stock dropped as much as 11% during the session. The crypto market followed suit, with Bitcoin falling approximately 5% to $64,000 within 24 hours. Ethereum and Solana also declined. Related stocks such as Coinbase and MicroStrategy fell between 4% and 7%. Meanwhile, Bitcoin mining companies with AI infrastructure saw modest gains. Gold and silver rose 3.2% and 6.5%, respectively. Crypto analysis indicates continued downward pressure across major assets.

BlockBeats news: On February 24, AI company Anthropic announced that its Claude Code platform can automate COBOL system modernization, sparking market concerns about the impact on traditional IT consulting and software business models. In response, IBM's stock plunged as much as 11% intraday, becoming the latest target affected by AI.

Market risk appetite has simultaneously declined, with all three major U.S. stock indices posting broad declines and crypto assets facing downward pressure. Bitcoin fell approximately 5% over 24 hours to around $64,000, with Ethereum and Solana posting similar losses. Related equities, including Coinbase Global Inc., MicroStrategy, Circle Internet Financial, and Galaxy Digital, generally declined by 4%–7%.

However, Bitcoin mining companies that have invested in AI infrastructure have shown relative resilience, with IREN, Cipher Mining, CleanSpark, and Hut 8 experiencing slight price increases. Meanwhile, safe-haven assets strengthened, with gold rising 3.2% and silver rising 6.5%.

Source:Show original

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.