Major Bitcoin Correction Predicted by Arthur Hayes
Alex Dovbnya The leading cryptocurrency briefly plunged below the $98,000 earlier today Cover image via U.Today Former BitMEX CEO Arthur Hayes has predicted that the price of Bitcoin of Bitcoin could collapse to the $70,000 level. The entrepreneur believes that the possible crash will be caused by a "mini financial crisis" in the U.S. With that being said, the BitMEX boss is convinced that the leading cryptocurrency could eventually surge to the $250,000 level by the end of the year. The DeekSeek rout Earlier today, the leading cryptocurrency crashed to an intraday low of $98,440, nosediving by nearly 7% over the past 24 hours. This coincided with major chip stocks experiencing a severe rout in pre-market trading. E-mini Nasdaq-100 Futures are down 2.62%, according to the latest data. The market turmoil came after the Chinese artificial intelligence (AI) startup DeepSeek released a new large language model called DeepSeek-R1, which was able to outperform some of the popular models, including OpenAI o1, on some key benchmarks. This is despite the fact that the startup was struggling to get advanced chips due to expert controls. Notably, the startup spent a puny $6 million to train the model compared to the billions of dollars required by OpenAI. The model made waves shortly after OpenAI announced Startgaste, a $500 billion AI infrastructure project created in collaboration with SoftBank and some other participants. The success of DeepSeek, which has emerged as the most popular app on the App Store, might put a dent in demand for chips and data centers considering that the startup spent mere peanuts on raw computing power while still outperforming the leading US tech giants. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Alex Dovbnya Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected]. Related articles