- Largest cryptocurrency pares losses after dip below $100,000
- Market had muted reaction to pro-crypto Trump executive order
Bitcoin and other cryptocurrencies tumbled, following technology stocks lower, as the emergence of a new Chinese artificial-intelligence model triggered a global selloff in riskier assets.
The original cryptoasset fell as much as 6.5% to below $100,000 on Monday, the biggest intraday drop since Dec. 6, before paring its loss in half and trading at about $101,500 as of 10:54 a.m. in New York. Smaller tokens suffered even deeper losses, with XRP sliding as much as 14% and Solana dropping 11% before both trimmed their declines. The crypto slide mirrored weakness across most equity markets, with US technology stocks leading declines.
Bitcoin’s correlation to technology stocks has risen this year, meaning the two asset classes are moving more