Internet Computer, NEAR lead AI crypto selloff after Nvidia slump

Internet Computer and the NEAR Protocol are among the top artificial intelligence-related cryptocurrencies to experience notable dips on Nov. 11.

Summary

• Internet Computer and NEAR Protocol led losses among top AI tokens.
• The tokens were down 7.6% and 8% respectively as market cap of artificial intelligence-related coins dropped by 7%.
• SoftBank Group dumped all its Nvidia stake, a move that saw the NVDA stock plummet.

The stock prices of Internet Computer (ICP) and NEAR Protocol (NEAR) were down about 8% and 6.5%, respectively, at last check on Tuesday.

Bittensor, RENDER and The Graph were also on the downtrend, with the AI token category’s average 7% drop outpacing the global crypto market’s 2% market cap stumble.

ICP, NEAR prices fall

A pledge of a $2,000 dividend payment for some U.S. citizens and news of an end to the government shutdown buoyed stocks and crypto.

Bitcoin jumped above $107,000 before giving up much of those gains and breaking below $102,000. Meanwhile, ICP and NEAR traded lower amid profit-taking following recent rallies. 

On Nov. 11, the AI tokens fell amid a similar slump for Nvidia. But with cryptocurrencies showing fresh weakness, it appears Internet Computer and NEAR tokens may revisit key support areas.

SoftBank dumps, Nvidia stock slides

One of the big stock market stories on Tuesday was SoftBank Group’s decision to sell all of its Nvidia stake.

The Japanese tech company revealed in a filing that it sold all $5.8 billion of its Nvidia stake. As the news reached investors, the company’s stock price closed the day in the red, down by nearly 3%.

Negative jitters spread across the market as investors worried about SoftBank’s view on what’s next for the artificial intelligence narrative. Wall Street has shown signs of concern over the AI bubble, and the sale did not help sentiment.

Downside pressure also cascaded into crypto mining stocks, with CoreWeave among the biggest losers as its stock fell over 16% and closed Tuesday at $88.39 per share.