The price of Bitcoin dropped to $97,800 per unit, marking a loss of over 6% in just one night, amid a decline in technology sector stocks.
This decrease is attributed to several factors, notably the impact of the emerging Chinese AI company DeepSec and its lower-cost model, which has affected market sentiment.
Despite this drop, Bitcoin maintained its position as the seventh-largest asset by market capitalization, according to Companies Market Cap, while Ethereum fell to 30th place.
The total market capitalization of cryptocurrencies dropped by 6.6% overnight, though daily trading volume surged by 96%, reaching $157 billion. The AI and big data sector also saw its market value fall by 11.1%, settling at $42.2 billion, which represents just 1.3% of the overall market share.
On Sunday evening, Bitcoin’s price declined by 5.4%, finishing the week down 7.7% and 9% below its all-time high.
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