In the unpredictable world of cryptocurrencies, even a minor disruption can quickly turn into a major event. That’s exactly what happened with Toncoin (TON-USD), which saw its blockchain come back online after nearly five hours of downtime. Despite the temporary setback, Toncoin outperformed many of its major peers, according to CoinDesk.
Major cryptocurrencies face sharp declines
The turbulence in the cryptocurrency market was not isolated. Bitcoin (BTC-USD) led a broad market decline, dropping 6%, while Ethereum (ETH-USD), Solana (SOL-USD), Cardan (ADA-USD), and Dogecoin (DOGE-USD) all fell more than 5%. In particular, Ethereum futures faced the highest liquidations at $102 million. As SOFA’s Augustine Fan noted in a Telegram message to CoinDesk“BTC ETFs saw massive outflows of $127 million as traders appeared to take profits after the Jackson Hole rally.”
AI tokens struggle to grow despite Nvidia hype
AI tokens have also struggled, adding to the market’s woes. Despite the buzz around Nvidia’s (NVDA) potential earnings, AI-related tokens have seen notable declines. Near Protocol (CLOSE TO USD) fell by 10%, Internet Computer (ICP-USD) fell 6.5% and Fetch.ai (FET) fell 11.8%. “The sentiment around AI has definitely changed,” said Katie Stockton of Fairlead Strategies, indicating a broader market adjustment.
What is the price of Bitcoin right now?
At the time of writing, the Bitcoin price is sitting at $59,926.95. This significant drop comes amid a general market downturn and increased liquidations in Bitcoin futures contracts. The substantial outflows of $127 million from Bitcoin ETFs reflect traders’ cautious stance following the recent market volatility.
