Bitcoin mining stocks and AI-related crypto tokens were among the biggest losers as Nvidia’s sharp drop led to a tech sector selloff. Bitcoin rebounded slightly to $101,500 but remains down 3% in the last 24 hours.
Mining stocks like Riot Platforms and MARA Holdings saw significant declines, with losses of 8.7% and 16%, respectively. Concerns about the value of miners' AI infrastructure added to the selloff, with companies like Core Scientific and Terault falling 25-30%.
Nvidia’s 17% drop erased $465 billion in market value, triggering a 3% decline in the Nasdaq. This reinforced Bitcoin's correlation with tech stocks, amplifying the losses across the broader market.
With market turbulence increasing, nearly $1 billion worth of leveraged crypto positions were liquidated, further adding to the downward momentum in the markets.
Analysts view the recent pullback in altcoins like Solana (down 10%) as a buying opportunity. For risk-tolerant investors, Solana remains a higher-beta play, especially with its growing role in AI-related crypto tokens.