The Cryptocurrency Market is Experiencing a Significant Decline: the Total Capitalization Has Dropped to $3.47 Trillion (-3.76% Over 24 Hours)

Even bitcoin fell below the psychological mark of $100,000. Other major cryptocurrencies followed this trajectory: Ethereum, BNB, Solana, XRP

The cryptocurrency market experienced a substantial decline on March 10th, with the total capitalization decreasing by 3.76% over 24 hours, reaching $3.47 trillion. This downturn was accompanied by a high level of trading activity, resulting in a total of 330,767 traders being liquidated, amounting to $941.63 million in liquidations.

The largest single liquidation order occurred on the HTX exchange in the BTC/USDT trading pair, with a value of $98.46 million. The downturn affected various cryptocurrencies, particularly those pertaining to artificial intelligence (AI). Within 24 hours, the total capitalization of AI tokens dropped by over 10%, decreasing from $41 billion to $37 billion.

Even Bitcoin fell below the psychological threshold of $100,000. Other major cryptocurrencies, including Ethereum, BNB, Solana, XRP, Dogecoin, and Cardano, also experienced losses of up to 9% each, reflecting the overall market downturn in the cryptocurrency sector.

This event also highlighted the vulnerability of the AI token sector to broader shifts in the global economy and market sentiment.

DeepSeek, a Chinese startup, unveiled an artificial intelligence model that rivals ChatGPT and Llama 3.1 at a lower cost. This news sparked a decline in the technology market, with futures on the Nasdaq falling by more than 800 points, or 4%. This triggered a chain reaction in the cryptocurrency market, particularly in the AI-related segment.