Bitcoin has experienced a significant decline, dropping nearly 8% in the past 24 hours, currently trading at approximately $101,518. This downturn is part of a broader market selloff influenced by concerns over the Chinese AI startup DeepSeek.

DeepSeek has developed an AI model that rivals existing technologies at a fraction of the cost, raising concerns about the competitive landscape in the tech industry.

This development has led to a selloff in tech stocks, with the Nasdaq Composite falling over 3% and major companies like Nvidia experiencing significant losses.

The apprehension surrounding DeepSeek’s advancements has also impacted the cryptocurrency market. Analysts suggest that the uncertainty has prompted investors to move away from riskier assets, contributing to Bitcoin’s decline.

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