Risk assets faced a meltdown caused by rising concerns over a Chinese artificial intelligence (AI) model created by the AI startup DeepSeek. This model, dubbed R1, rivals o1, another one created by the American AI research company OpenAI. At the time of writing, DeepSeek’s AI assistant had dethroned ChatGPT as the most downloaded free app on Apple’s App Store.
Due to bitcoin’s (BTC) correlation with the equities market, the asset fell alongside equities, and major indexes like the S&P 500, the NASDAQ composite, the Dow Jones, and even stocks of companies like the tech giant Nvidia have plummeted significantly. Data from CoinMarketCap shows that BTC went down by over 6% at one point but recovered most losses on Tuesday to tap $103,000.
Bitcoin Strongly Correlates With Equities
The latest Bitfinex Alpha report highlights the rising correlation between bitcoin and traditional equities, the evolving relationship between crypto and traditional finance, and how BTC is increasingly
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