Cryptocurrencies Tumble to Begin the Final Week of January, Market in a Cooling Period

The price of bitcoin fell 3% to $101,041.42, according to Coin Metrics. Earlier, it fell as low as $97,750.00.

Cryptocurrencies fell Monday evening as the market cooled off following a new record and a DeepSeek-driven sell-off in tech stocks.

Bitcoin dropped 3% to $101,041.42, according to Coin Metrics data. Earlier in the session, it fell as low as $97,750. Meanwhile, the broader cryptocurrency market lost nearly 6%, per the CoinDesk 20 index.

Nasdaq futures traded down more than 3%, while Dow futures slid 450 points and S&P 500 futures lost nearly 2%.

Coinbase and MicroStrategy shares each slipped 2% in premarket trading. Among bitcoin miners that are also venturing into AI, Core Scientific slid 18.5%, Terawulf lost 8% and Iren , formerly known as Iris Energy, fell 10%.

Crypto has been tracking a sell-off in tech stocks. Chinese startup DeepSeek said last week that 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 tech's spending on AI models and data centers.

"Today's 3% decline in Nasdaq futures (on DeepSeek news), so far, has driven Digital Asset liquidation overnight," Standard Chartered's Geoff Kendrick said in a note Monday. "This relationship highlights the continued strong (and strengthening) relationship between digital assets and the tech sector. [Bitcoin] remains strongly correlated to Nasdaq, much more so than it does to gold."