Bitcoin fell below $100,000 on Monday, hitting an 11-day low as market caution spiked following the debut of a Chinese AI model that triggered a selloff in Western tech stocks.
The world’s largest cryptocurrency, which recently rallied past $100,000 after U.S. President Donald Trump’s election, lost momentum last week. By 11:56 GMT, Bitcoin was trading at $98,852.17, down 6% for the day and marking its lowest level since January 16.
The decline mirrored a sharp drop in tech stocks, as investors reacted to concerns that Chinese startup DeepSeek's AI model could challenge Western dominance in the sector. Analysts referred to this as AI’s “Sputnik moment,” comparing it to the 1950s space race ignited by the Soviet Union’s launch of a satellite.
"Bitcoin’s losses appear tied to risk-off sentiment across markets due to DeepSeek," noted Simon Peters, an analyst at eToro. Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said Nasdaq futures' decline negatively impacted crypto markets, while disappointment over the Trump administration’s crypto-related announcements further fueled the selloff.
President Trump’s executive order last week created a working group to develop crypto regulations and explore a cryptocurrency stockpile. However, crypto investors were disappointed when the topic was largely absent from Trump’s initial day-one policy announcements. The SEC also recently shelved accounting guidance that the crypto industry had criticized for hindering adoption.
Rising concerns over interest rates staying higher for longer added pressure on risk assets, noted Thomas Puech, CEO of digital asset hedge fund Indigo. The U.S. Federal Reserve is set to meet this week, with expectations it will maintain current interest rates.
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Bitcoin surged to a new all-time high as expectations grow for U.S. interest rate cuts and regulatory moves favouring crypto investment, boosting investor confidence in the sector.
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The U.S. dollar strengthened and Bitcoin surged to a new record, as investors shrugged off fresh tariff threats from President Donald Trump.
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Scores of demonstrators gathered outside the Norwegian Nobel Institute in Oslo Tuesday (9 December) to protest against the awarding of this year’s Nobel Peace Prize to Venezuelan opposition leader Maria Corina Machado.
Iran and Saudi Arabia reiterated their commitment to enhance ties following a joint meeting with China in Tehran on Tuesday to follow up on implementation of the 2023 Beijing Agreement which resulted in resumption of their diplomatic relations after eight years.
The world’s leading minds and voices will be honoured on Wednesday, 10 December, the anniversary of Alfred Nobel’s death, as Nobel Prizes are presented in Stockholm and Oslo.
In a dramatic Champions League clash at Baku’s Tofiq Bahramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
Ukraine "deeply appreciates" the humanitarian support of Pope Leo XIV. This was stated by Ukrainian President Volodymyr Zelenskyy after a meeting between the two at the papal residence of Castel Gandolfo, on Tuesday, 9 December.
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Kyiv has escalated its naval campaign against Moscow’s economic lifelines, claiming a successful strike on a vessel suspected of skirting international sanctions within the Black Sea.
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