BTC, ETH, SOL, XRP extend losses as AI scare trade unsettles risk markets
Bitcoin and other major cryptocurrencies are experiencing losses due to macro jitters from an emerging AI disruption trade and waning risk appetite.Summary
Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP are extending losses as concerns about the economic disruption caused by artificial intelligence (AI) unsettle risk markets. Bitcoin slid to around $62,900, down 7.5% on the week, while altcoins are faring worse, with XRP, SOL, and dogecoin dropping between 8% and 11.3%. Analysts at CryptoQuant have noted sell-side pressure among altcoins is at five-year highs. The market is currently trading within a $60,000-$70,000 range, which previously acted as a ceiling during the 2021 cycle. A Citrini Research report highlighted an emerging “AI scare trade,” triggering selling in tech equities as investors reassess the impact of AI. This macro dynamic is impacting crypto by reducing risk capital, and Bitcoin is currently 48% below its October all-time high.
(Source：CoinDesk)