Date: Wed, Sept 04, 2024, 05:01 AM GMT
The cryptocurrency market is experiencing a downturn, and AI tokens are not immune to the dip. In the past 24 hours, top AI tokens likeArtificial Superintelligence Alliance (FET), Render (RENDER), and Bittensor (TAO) have seen their prices drop by more than 5%.
NVIDIA’s Historic Market Loss
The primary reason for this decline is the massive loss in market value by tech giant NVIDIA. On September 3rd, NVIDIA’s shares plummeted, wiping out over $280 billion in market value in a single day, marking the biggest one-day loss of any company in history. This significant drop in NVIDIA’s stock, down over 9%, has had a ripple effect on AI-related cryptocurrencies, causing investors to become wary.
Bitcoin’s Bearish Performance Adds Pressure
Another factor contributing to the decline is Bitcoin’s recent performance. Historically, September has been a bearish month for Bitcoin, and this year is proving to be no different. Bitcoin’s value has dropped from a monthly high of $59,800 to $56,000, further fueling the market’s negative sentiment and impacting the broader cryptocurrency market, including AI tokens.
As the market navigates these challenges, investors are keeping a close eye on how AI tokens will respond in the coming days.
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