- The crypto market declined this week alongside a significant selloff in the stock market.
- AI tokens took a more significant hit, with most of them losing over 10%.
- Nvidia faces scrutiny by the DoJ over antitrust issues.
The crypto market experienced a downturn this week, mirroring a broader selloff in the stock market. Bitcoin’s price dropped to $55,602 on Wednesday from a Tuesday high of $59,803, while Ethereum fell to $2,307 from a high of $2,553 during the same period.
While major cryptocurrencies like BTC and ETH faced significant declines, AI tokens were hit particularly hard, with many losing over 10% of their value in a short period. Analysts attribute this decline to an ongoing investigation into Nvidia, a leading GPU manufacturer in the AI industry, by the United States Department of Justice (DoJ).
The growth of AI tokens over the past eight months is closely tied to Nvidia’s advancements in AI development. However, the recent DoJ scrutiny has triggered a market reversal, creating fear, uncertainty, and doubt (FUD) in the AI token sector.
Read also: The Future of AI and Web3: Insights from RSS3’s Collaboration with NVIDIA
Reports indicate …
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Source: https://coinedition.com/fud-grips-ai-crypto-sector-as-doj-investigates-nvidia/