Cryptocurrency Market Plummets Following AI News from China
The cryptocurrency market has experienced significant losses following reports of a new artificial intelligence model from China, triggering a global sell-off of risky assets.
This is reported by Bloomberg.
On Monday morning in London, Bitcoin dropped by 6.5%, marking its largest daily decrease since early December. Other tokens, such as XRP and Solana, suffered even more, with losses around 9%.
The decline in cryptocurrencies reflected weakness across most stock markets, particularly the sharp drop in futures for American tech stocks.
Crypto traders have shown limited reaction to Donald Trump's recent executive order aimed at supporting the industry, which was signed last week after his return to the White House.
Some experts believe this move has already been factored into prices. However, concerns that the AI model from the Chinese startup DeepSeek may impact the valuation of tech companies added to the pessimism in the cryptocurrency market on Monday.
As of 14:20 in Kyiv, Bitcoin was trading at around $99,150.
Reminder:
On January 20, Bitcoin reached a historic price peak of $109,007 as of 09:06 that day.
The Chinese startup DeepSeek, which focuses on artificial intelligence, triggered a decline in global tech stock prices on Monday, questioning America's technological dominance.
