Bitcoin Declines Below $100,000 Amid DeepSeek-Triggered Selloff
Crypto assets experienced a sharp decline overnight, correlating with a drop in tech stocks, particularly Nvidia.
- Bitcoin fell from a high of $105,000 to below $98,000 before recovering slightly to around $99,800.
- Analysts caution this may signal the start of a deeper pullback, while others suggest it presents a buying opportunity.
- Geoffrey Kendrick of Standard Chartered Bank recommended "buying the dip," noting that the recent selloff addressed overexuberant market expectations.
- Kendrick anticipates potential further declines due to upcoming earnings reports from major U.S. tech companies and the Federal Reserve's January meeting results.
- Despite short-term challenges, he expects positive impacts from the Trump administration’s digital asset actions in the coming weeks.
- LondonCryptoClub analysts view the selloff as an overreaction to news, advising caution amid a generally constructive macro environment.
- Bitcoin is down over 4% in the last 24 hours, while the Nasdaq 100 has dropped 3%, led by a 15% decline in Nvidia's stock.