During the New York session on Tuesday and early Asian session, the crypto market continued to show bearish sentiments, with a 6 percent slip in the total market value over the past 24 hours, now hovering around $2.07 trillion.
While the altcoin industry has been closely following Bitcoin’s price movements, recent developments have mostly mirrored yesterday’s poor performance in the crypto market.
Nvidia Loss Impacting Other Markets
According to a report by Bloomberg, Nvidia, a major player in AI, is currently under scrutiny for potential antitrust violations, as confirmed by a subpoena from the Department of Justice (DOJ).
Following this news, Nvidia’s stock closed Wednesday’s trading at $108, marking a 9.53 percent decrease from the day’s opening price. The downward trend continued in after-hours trading, resulting in a total loss of nearly $279 billion for Nvidia.
The ripple effect of Nvidia’s losses was felt in other markets, with Asia’s Nikkei 225 index dropping by 4 percent in the past 24 hours.
The overall decline in major stock markets, coupled with concerns about a turbulent September, had a negative impact on the entire crypto industry.
Specifically, AI-related crypto projects such as Bittensor (TAO), Artificial Superintelligence Alliance (FET), Render (RENDER), and The Graph (GRT) were significantly affected by Nvidia’s recent setbacks.
Recent data shows that the AI-related crypto market cap decreased by 7.4 percent in the past 24 hours, currently standing at approximately $20.6 billion, with a daily average trading volume of around $1 billion.
