Bitcoin drops to 11-day low amid tech selloff
The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after U.S. 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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View Details» Bitcoin's losses are «seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek,» wrote eToro analyst Simon Peters.
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