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Bitcoin slips below $100k as Chinese AI model rattles mkts
Mint Kolkata
|January 28, 2025
Bitcoin and other cryptocurrencies tumbled as the emergence of a new Chinese artificial intelligence model triggered a global selloff in riskier assets.
The original cryptoasset fell as much as 6.5% on Monday morning in London, the biggest intraday drop since Dec. 6. Smaller tokens suffered even deeper losses, with XRP sliding 9% and Solana down by a similar magnitude. The crypto declines mirrored weakness across most stock markets, with US technology futures down sharply.
Crypto traders have so far shrugged off Donald Trump's executive order to support the industry last week, shortly after he returned to the White House, with some arguing that prices already reflected the move. Concerns that Chinese startup DeepSeek's AI model will hit tech valuations added to the risk-off mood in crypto on Monday.
This story is from the January 28, 2025 edition of Mint Kolkata.
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