NEAR Among High-Beta Altcoins Hit Hard in Global Crypto Selloff

The cryptocurrency market saw a broad selloff over the past 24-25 hours, with NEAR experiencing a significant decline of 7.9%. However, experts argue that this move is not specific to NEAR itself but rather a broader risk-off phenomenon affecting high-beta altcoins like NEAR.

The sharp 11% decline in South Korea's KOSPI index triggered a global market selloff, causing Bitcoin to fall by about 2%. AI and layer-1 tokens such as FET, NEAR, and HYPE also dropped up to 10% over the same period. Regulatory uncertainty and macroeconomic stress are also contributing factors to the crypto market's downturn.

No specific issues or negative news were reported on NEAR during this time. In fact, some ecosystem metrics showed positive signs, with swaps on NEAR reaching $24 billion. This suggests that NEAR is a liquid trading vehicle in a broader selloff rather than being repriced due to new information.