The cryptocurrency market is experiencing a significant decline: the total capitalization has dropped to $3.47 trillion (-3.76% over 24 hours). According to data from CoinGlass, the total amount of liquidations in the crypto market reached $941.63 million. 330,767 traders were liquidated. The largest single liquidation order occurred on the HTX exchange in the BTC/USDT trading pair: $98.46 million.
The value of many tokens, especially those related to artificial intelligence (AI) has significantly decreased. Over the last 24 hours, the total capitalization of AI tokens has decreased by more than 10%, falling from $41 billion to $37 billion.
- FARTCOIN fell by 30% over the day and by 53% over the week.
- GRIFFAIN lost 27.5% in the last 24 hours, although it still has the largest capitalization among AI tokens — $301.46 million.
- BUZZ decreased by 22.3% over the day and by 20.4% over the week.
- VIRTUALS fell by more than 20%, but still maintains a market capitalization of $1.2 billion.
Even bitcoin fell below the psychological mark of $100,000. Other major cryptocurrencies followed this trajectory: Ethereum, BNB, Solana, XRP, Dogecoin, and Cardano lost up to 9% each, reflecting the overall restraint in the crypto market.
In addition to reminding us of the overall volatility of cryptocurrencies, this also showed the vulnerability of the AI token sector to global economic changes and market moods.
What happened?
One of the main reasons for the overall market downturn was news from the Chinese startup DeepSeek, which introduced an artificial intelligence model capable of competing with ChatGPT and Llama 3.1, but cheaper. Their breakthrough caused concerns in the technology market, especially among large tech investors. Futures on Nasdaq fell by more than 800 points, or by 4%, causing a chain reaction in the crypto market. Especially in the niche related to artificial intelligence.
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