$Bitcoin (BTC.CC)$fell nearly 7% intraday Monday to briefly drop below $100,000 – taking$Cipher Mining (CIFR.US)$,$IREN Ltd (IREN.US)$and other crypto-related stocks down 10%-15% or more – as DeepSeek's emergence prompted an apparent risk-off move on Wall Street.
BTC sank as much as 6.9% to $97,750.00 over the past 24 hours before partly recovering to trade at $101,366 shortly before 11 a.m. ET, down 3.5% on the day.
The cryptocurrency apparently fell as risk-off sentiment gripped the market amid a major sell-off of tech stocks like$NVIDIA (NVDA.US)$, sparked by word of China's new DeepSeek AI system.
NVDA fell as much as 13.7% to a $123.05 session low on fears that U.S. artificial-intelligence makers that many expect will rely on Nvidia's chips face a major threat from a newly unveiled system from China-based DeepSeek AI.
The DeepSeek fears not only took down NVDA and Bitcoin, but also slammed shares of several crypto-related stocks.
Companies seeing major percentage sell-offs as of shortly before 11 a.m. ET Monday included:
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