Bitfinex Explains Bitcoin’s Monday Plunge

Description

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 N...