Why Are Bitcoin and Crypto Dumping?
In the past few hours, BTC is down over 5%, and large caps have dropped by 8%-10%. This isn’t about the crypto market—it’s more about the US stock market.
The US stock market is taking a hit today, and it’s due to one app—DeepSeek.
DeepSeek is a Chinese AI startup competing with ChatGPT.
Estimates suggest it cost less than $10M to develop, which is much lower than ChatGPT's cost. Not only that, but today it overtook ChatGPT to become the #1 free app on the Apple App Store.
As of now, ChatGPT is valued at $157 billion, while DeepSeek is only valued at 0.2% of that.
This has raised concerns among large US investors, who are now worried that the US stock market may be overvalued. As a result, they’re selling off their holdings.
However, there’s no need to panic sell your crypto. The market is always full of FUD (Fear, Uncertainty, and Doubt). Just HODL and wait for the market to recover.
"Disclaimer: This is for informational purposes only and not endorsed by Binance. Crypto investments are volatile and can lead to losses. Do your own research. Not financial advice."
