FET Slumps Amid Macro Risk-Off, Sector-Wide Pressure on AI Tokens

FET, the token of Artificial Superintelligence Alliance, dropped by 7.36% in the past 24 hours due to macro and sector-wide risk-off conditions.

The US Senate's failure to advance the Digital Asset Markets CLARITY Act and heightened expectations of a Federal Reserve rate hike led to a broad selloff in crypto markets, with Bitcoin falling below $75,000.

Around 200-300 million dollars in leveraged positions were liquidated across the market, contributing to FET's decline. The token is also part of the AI-agent tokens group and was affected by the sector-wide pressure on AI-linked and computing tokens.

Dario Amodei's essay arguing for a 'pause' in frontier AI development contributed to a notable selloff across AI equities and related assets, further impacting FET. The token also faced technical selling in its newly expanded derivatives environment.