Why is NEAR Protocol price down today? NEAR drops 9% below $4

NEAR Protocol (NEAR) price has dropped below $4 on November 3, losing 9% over 24 hours as selling pressure across AI-related cryptocurrencies and the broader market continued. NEAR Protocol fell 8.75% to $3.75 on November 3, extending its weekly losses to 14.11%. Selling across AI-related cryptocurrencies and weakness in the broader market accompanied NEAR's decline. NEAR's House of Stake approved a proposal to reduce annual token issuance from 2.5% to 1.6% over 24 months. The proposed reduction could lower staking rewards, although validator approval is still required before implementation.

Source: crypto.news