Hedera (HBAR) is experiencing a notable decline today, driven by a broader sell-off in the cryptocurrency market. The downturn is largely attributed to a risk-off sentiment that has gripped global markets, particularly affecting tech and crypto-exposed stocks. This sentiment was sparked by concerns over a Chinese AI startup, DeepSeek, which has raised questions about the competitive landscape for U.S. tech companies. The resulting pressure on tech stocks has spilled over into the crypto market, leading to a significant drop in prices across the board.
The impact of this market-wide sell-off is evident in the performance of major cryptocurrencies, with Bitcoin falling sharply and dragging down the broader crypto market. This has created a ripple effect, impacting altcoins like Hedera. The negative sentiment is compounded by profit-taking activities, as investors reassess their positions amid heightened market volatility. The sell-off in tech stocks, particularly those with exposure to AI and cryptocurrency, has further exacerbated the decline in crypto prices.
Hedera's price has fallen by 4.39% today, with the current price at $0.309137. The cryptocurrency reached a high of $0.326053 earlier in the day but has since dropped to a low of $0.293386.