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AI and Big Data Tokens Lose $4.69B in Market Value Over Three Days Amid Market Downturn The cryptocurrency market has experienced a sharp decline, with AI and big data-related tokens losing a staggering $4.69 billion in market value over the past three days, according to a report by Cointelegraph. This sudden drop comes as key tokens in the sector, such as NEAR, TAO, and ICP, saw significant price decreases. The downturn has been driven by a combination of geopolitical factors and regulatory concerns, setting a bearish tone for the start of October, which is typically known for its bullish trends in the cryptocurrency market. Key Declines Among AI and Big Data Tokens Several prominent tokens within the AI and big data sectors have been hit particularly hard by the recent market volatility: NEAR Protocol (NEAR): NEAR, a blockchain platform known for its scalability and developer-friendly environment, saw a significant decline, dropping 14.88% in value over the past three days. Lamden (TAO): Lamden’s native token TAO, which powers its blockchain protocol designed for rapid dApp development, also experienced a notable drop of 9.37%. Internet Computer (ICP): Internet Computer (ICP), a project aimed at decentralizing the internet, faced a sharp decline of 13.35%, reflecting the broader bearish sentiment in the market. The combined losses of these tokens, along with other projects in the AI and big data space, have contributed to the overall loss of $4.69 billion in market value. Geopolitical and Regulatory Concerns Contribute to Market Downturn The market’s bearish start to October has been influenced by a range of geopolitical factors and regulatory concerns. Ongoing global conflicts, macroeconomic uncertainties, and shifting regulatory stances towards cryptocurrencies in key markets have all contributed to the downturn. Investors appear to be retreating to safer assets, leading to reduced liquidity and price declines across…

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Filed under: News - @ October 3, 2024 11:21 am