All three major US equity indices opened in the red as a tech-led selloff that started earlier in the week showed no signs of slowing down. The Dow, NASDAQ, and S&P 500 each dropped at the open, with NASDAQ 100 futures signaling declines between 1.3% and 2.5%.
The damage didn’t stay contained to Wall Street. Crypto markets absorbed the shockwave almost immediately, with Bitcoin falling roughly 2.5% to around $62,300 and Ether dropping more than 4% to approximately $1,650. Altcoin liquidations hit a staggering $717 million.
The tech wreck’s ripple effect
The selloff traces back to profit-taking in AI-related stocks and semiconductor names like Nvidia and Micron. Both had enjoyed strong rallies in recent months, and the market apparently decided it was time to cash some checks.
AI-themed tokens got hit particularly hard. FET, RENDER, and TAO all posted losses between 3% and 5%. When investors sour on AI stocks, the enthusiasm for AI-adjacent crypto projects tends to evaporate just as quickly.
