The price of Artificial Superintelligence Alliance USD (FET) has been under significant pressure today, primarily due to a series of massive long liquidations. The market has been rattled by a $9.96 million long liquidation at the critical price of $1.07553, which has sent shockwaves through the FET market. This liquidation has marked a pivotal turning point, as bearish forces have tightened their grip, forcing a massive capitulation among bullish traders. The volatility in the market has surged, and the stakes are higher than ever, with traders closely watching for any signs of a potential rebound.
The broader crypto market has also been affected by the release of DeepSeek R1, an innovative AI model from China's DeepSeek lab. This development has led to a reassessment of the value of AI-related crypto assets, including FET, which has been among the hardest hit. The cascading losses from this event have spilled over into the broader crypto market, amplifying the downward pressure on FET. The macroeconomic environment, with a stronger U.S. dollar, has added further pressure, making risk assets like FET less attractive to investors.
FET's price has dropped by 5.60% today, reaching a low of $1.053649.