Crypto Markets Today: BTC Price Slips, XPL, ENA Slide as AI Spending Concerns Hit U.S. Equities

Cryptocurrency prices experienced a decline over the past 24 hours, with the CoinDesk 20 Index down by 1.7%. Bitcoin (BTC) fell 0.2%, hovering just below $110,000, while ether (ETH) dropped 1.3% as the altcoin market struggled following a U.S. equity sell-off. Concerns arose after Meta and Microsoft increased their AI investment forecasts, raising fears of overspending in the sector. It was noted that many altcoins, including doublezero, plasma, and gate token, suffered losses of 15% to 21%. Interestingly, some coins like the privacy-centric zcash gained this week. The derivatives market showed mixed indicators, with low general demand observed in funding rates. Despite this, there was bullish sentiment on platforms like Deribit. Analyzing liquidations, $879 million occurred within 24 hours, favoring longs significantly. The outlook for altcoins now hinges on whether ether can maintain its support level around $3,700, which could influence broader market sentiment if breached.

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