LONDON: Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.
The world’s biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump’s election ran out of steam.
At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.
Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies’ dominance of the sector, in a move some called AI’s “Sputnik moment”, referring to the former Soviet Union’s launch of a satellite that marked the start of the space race in the late 1950s.
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