Internet Computer (ICP) has experienced a downturn today, primarily influenced by broader market dynamics and sector-specific developments. Despite a recent rally in AI-focused cryptocurrencies, which saw ICP gain over 26% in the past week, today's market sentiment has shifted. The AI sector's recent surge was largely driven by Nvidia's impressive quarterly earnings, which exceeded expectations and boosted AI-related tokens. However, the momentum appears to have waned, with ICP facing selling pressure as traders possibly take profits from the recent gains.
Additionally, the discontinuation of Tether's Euro-pegged stablecoin due to European regulatory concerns may have contributed to a cautious market environment. This regulatory shift could be causing uncertainty among investors, impacting various cryptocurrencies, including ICP. The broader crypto market is also reacting to macroeconomic factors and regulatory developments, which can lead to fluctuations in prices.
ICP's price has decreased by 1.18% today, currently trading at $11.57. The cryptocurrency reached a high of $11.70 and a low of $11.08 during the day.