Bitcoin tumbles below $98,000 in risk-off move as Nasdaq stocks are crushed

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Cryptocurrencies tumbled to begin the final week of January, with the market in a cooling period after running to a new record and pulled lower by the DeepSeek-driven sell-off in tech stocks. Bitcoin miners that power AI ventures suffered deeper cuts. Core Scientific slid 18.5%, while Terawulf lost 14% and Iren , formerly known as Iris Energy, fell 10%. Chinese startup DeepSeek said it may have created a competitive artificial intelligence model for a fraction of the cost, sparking concerns about U.S. dominance in AI and big techs spending on AI models and data centers. "Todays 3% decline in Nasdaq futures (on DeepSeek news), so far, has driven Digital Asset liquidation overnight," Standard Chartereds Geoff Kendrick said in a note Monday.

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