Internet Computer and the NEAR Protocol are among the top cryptocurrencies related to artificial intelligence that saw notable declines on November 11.
Summary
- Internet Computer and NEAR Protocol led to losses among the top AI tokens.
- The tokens fell 7.6% and 8% respectively, as the market capitalization of artificial intelligence-related coins fell 7%.
- SoftBank Group dumped all its shares in Nvidia, a move that saw NVDA shares plummet.
Internet Computer (ICP) and NEAR Protocol (NEAR) stock prices were down about 8% and 6.5%, respectively, at last check on Tuesday.
Bittensor, RENDER and The Graph were also in the downtrend, with the average 7% decline in the AI token category exceeding the 2% market cap in the global crypto market.
ICP, NEAR prices fall
A promise of a $2,000 dividend payout for some US citizens and news of an end to the government shutdown boosted stocks and crypto.
Bitcoin jumped above $107,000 before giving up much of those gains and breaking below $102,000. Meanwhile, ICP and NEAR traded lower due to profit taking after recent rallies.
On November 11, AI tokens fell during a similar slump for Nvidia. But with cryptocurrencies showing new weakness, it looks like internet computers and NEAR tokens will revisit key areas of support.
SoftBank dumps, Nvidia shares fall
One of the big stock market stories on Tuesday was SoftBank Group’s decision to sell all of its shares in Nvidia.
The Japanese tech company revealed in a filing that this is the case sold all $5.8 billion of his stake in Nvidia. As the news reached investors, the company’s share price closed the day in the red, down almost 3%.
Negative jitters spread across the market as investors worried about SoftBank’s view on what’s next for the artificial intelligence story. Wall Street has shown signs of concern about the AI bubble, and the selling did not help sentiment.
Downside pressure also flowed into crypto mining stocks, with CoreWeave among the biggest losers as the stock fell more than 16% to close at $88.39 per share on Tuesday.
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