AI tokens Bittensor, Render, Grass plunge after key Microsoft news

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Artificial intelligence-focused cryptocurrencies continued their downward trend after Microsoft slowed its data center expansion plans.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Bittensor token crashed by 10% in the last 24 hours and 24% in the last seven days. Similarly, Render Token fell by 10% and 20% in this period, while Grass crashed by 20%. The market cap of all AI tokens tracked by CoinGecko fell by 10% in the last 24 hours. The same downtrend has affected most AI-related stocks. NVIDIA, the largest player in the AI space, has fallen more than 30% from its 2024 high. AMD, which holds the second-largest market share in AI chips, has dropped to $98, down 47% from its highs this year.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The AI tokens’ drop was in line with the performance of Bitcoin and other altcoins after Donald Trump’s Liberation Day speech. They also dropped after Bloomberg reported that Microsoft was halting or delaying data center developments in the UK, US, Australia, and Indonesia. This development suggests the AI industry may not be expanding as quickly as some analysts anticipated.