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crypto.news 2024-12-10 11:38:42

AI tokens market tanks 14.6% as Nvidia faces anti-trust probe in China

Artificial Intelligence-related cryptocurrencies saw significant declines, with the AI coins market cap dropping 14.6% in a day following reports of China’s anti-trust probe into AI chip-making giant Nvidia. Near Protocol ( NEAR ), the largest AI coin by market cap, fell over 8.6% over the past day, trading at $6.65 per coin at press time. Render ( RENDER ), Akash Network ( AKT ), FET , and The Graph ( GRT ) suffered losses of 9.7%, 9.6%, 8.6%, and 8% respectively in the same period. Meanwhile, other AI tokens such as Bittensor ( TAO ), Arkham ( ARKM ), Livepeer ( LPT ), and Flux ( FLUX ) suffered much higher losses, between 12-16,% respectively. The losses across AI-related cryptocurrencies led to a 14.6% slump in the market cap of AI coins, bringing it down to $40.56 billion at the time of writing. The AI sector fell after China launched an investigation into Nvidia for suspected violations of the country’s anti-monopoly law. The State Administration for Market Regulation also accused the U.S. chipmaker of breaching commitments tied to its 2020 acquisition of Israeli chip designer Mellanox Technologies. You might also like: FET, TAO, and other AI tokens rally as Nvidia surpasses Apple The report had a significant impact on Nvidia , which derives approximately 15% of its revenue from customers in China, according to its most recent financial report. Nvidia’s shares fell by 2.55%, closing at $138.81 on Tuesday in the New York markets. Nvidia stock price | Source: Google Finance AI-related cryptocurrencies often respond to news involving Nvidia. As previously reported by Crypto.news, several of these tokens experienced double-digit losses after Nvidia faced its largest one-day market value drop on Sept. 4 following an antitrust subpoena from the U.S. Department of Justice. This time, AI-related coins also faced setbacks as Bitcoin ( BTC ), the bellwether crypto asset, experienced a flash crash on Dec. 10, briefly falling below $95,000 from an intraday high of $100,200 recorded the previous day. The crash triggered a ripple effect across the broader crypto market, which fell by 6.8% in the past day, leading to a massive $1.7 billion in liquidations . Read more: NEAR, FET, TAO surge following Alibaba, Nvidia partnership