Bitcoin fell below $100,000 on Monday, reaching its lowest level in 11 days, as cautious sentiment weighed on the cryptocurrency market.
At 1156 GMT, bitcoin was trading at $98,852.17, down 6% for the day after hitting its lowest since Jan. 16 during early trading.
The decline follows concerns over the rising popularity of Chinese AI startup DeepSeek, which has triggered a selloff in Western AI-related stocks. Additionally, disappointment over the Trump administration’s limited focus on cryptocurrency in its initial announcements also dampened investor confidence.
Last week, President Trump issued an executive order to establish a working group for drafting new cryptocurrency regulations and exploring a crypto stockpile, but the market reaction was muted.
Broader factors, including concerns about higher interest rates and a decline in Nasdaq futures, further impacted digital assets. U.S. Federal Reserve policymakers are set to meet this week, with rates expected to remain unchanged, but the outlook for prolonged higher rates continues to weigh on riskier assets.
