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Bitcoin Drops Below $99K After DeepSeek, FOMC Steal Trump Influence
Much of the concern stems from the potential overvaluation of US tech companies, as DeepSeek’s latest AI model is much cheaper to produce and was built using open-source, easily accessible technology.
What you need to know
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Bitcoin fell below $100,000 early Monday as traders took profits ahead of the first U.S. Open Market Committee meeting of the year.
Traders are not expecting any signs of a rate cut at the Federal Open Market Committee meeting scheduled for January 28-29.
Meanwhile, U.S. stock futures fell as traders digested information about the cost and capabilities of China-based DeepSeek, which threatens the costly narrative led by OpenAI.
Bitcoin (BTC) fell below $99,000 early Monday as traders took profits ahead of the first U.S. Federal Open Market Committee meeting of the year, scheduled for later this week, and Chinese artificial intelligence firm DeepSeek also weighed on U.S. tech sentiment.
Traders are not expecting any signs of interest rate cuts at the Federal Open Market Committee meeting scheduled for January 28-29, which has traditionally weighed on Bitcoin prices as investors favor or avoid risky assets.
