Summary
Bitcoin experienced a significant drop below $100,000, triggering a red wave in the cryptocurrency market. The drop was attributed to the launch of a cost-effective artificial intelligence product, R1, by a Chinese company named DeepS. This event raised questions about the influence of AI on market dynamics, showcasing the interconnectedness of technology and finance in the digital age. Bitcoin eventually stabilized and returned to around $100,000, indicating the resilience of the cryptocurrency despite external impacts.
Bitcoin Price Drop
Bitcoin fell below $100,000 causing a red wave in the cryptocurrency market. It stabilized and rose back to around $100k, but there are lingering questions about the cause of the drop.
Origin of Bitcoin Price Plummet
The drop in bitcoin's price was reportedly caused by artificial intelligence, specifically the launch of a new product by a Chinese AI company called DeepS. This product, R1, had a more cost-effective development compared to others, impacting the market and including bitcoin.
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