Crypto News Today Latest Insights: Why is Crypto Market Crashing?
Why is Crypto Market Crashing: Bitcoin, FOMC Meeting News and More AI Coins Plunge as Chinese AI Startup DeepSeek Disrupts Market AI coins like Near Protocol (NEAR), Internet Computer (ICP), Render (RENDER), and Filecoin (FIL) have crashed 8-10% today after Chinese AI startup DeepSeek entered the market with cost-efficient AI models, challenging Silicon Valley dominance. The AI coins market has dropped by 10.05% in the last 24 hours, bringing the total market cap to $42 billion, according to CoinMarketCap. Investors are panicking as DeepSeek’s disruptive technology reshapes the AI landscape. Arthur Hayes Predicts Bitcoin Drop to $70K Amid Market SelloffCrypto veteran Arthur Hayes foresees Bitcoin dropping to $70,000, citing a "mini financial crisis" before a mega rally. Currently, Bitcoin trades at $99,279.69, down 5.05% in 24 hours, as the broader market faces selling pressure ahead of the FOMC meeting. Altcoins like Ethereum, XRP, Solana, Cardano, and Dogecoin have corrected 5-10%. With excitement over Trump’s inauguration fading, the market's focus shifts to the Federal Reserve's upcoming interest rate decision this week. BitMEX CEO: DeepSeek AI Could Shift Investors to Global Options BitMEX CEO Arthur Hayes suggests that DeepSeek AI, China’s OpenAI rival, could steer investors away from US-based assets like stocks and bonds toward global options. On Jan. 27, Hayes shared on X that DeepSeek might reshape investment decisions, as open-source AI has been largely US-dominated via OpenAI. With global counterparts emerging, Hayes believes investors may diversify beyond US influence. Hayes, a former equities trader at Deutsche Bank and Citi, now leads the crypto trading platform BitMEX. Abstract Mainnet Launch Tomorrow : A New Era Begins Abstract's highly anticipated mainnet launches tomorrow, January 28, 2025, marking the beginning of the "Year of Abstraction." This groundbreaking blockchain combines advanced technology with a bold vision to simplify adoption for developers and users. Its modular architecture allows customizable chains for diverse industries, including DeFi, gaming, and supply chain. With an eco-friendly consensus mechanism and seamless interoperability, Abstract is set to redefine blockchain innovation and overcome traditional limitations. TOSHI Coin Price Surge : A Rising Star in the Crypto Market TOSHI, currently the 128th biggest cryptocurrency by market cap, has seen impressive gains with its all-time high (ATH) reached just a day ago. The coin’s popularity stems from its connection to Coinbase CEO Brian Armstrong’s cat, which drew attention within the crypto community. The Coinbase listing boosted its growth further. For TOSHI to maintain its upward trend, it must establish a solid support level at $0.00100 to secure investor confidence and future price growth. Also read: AI Coins Impacted Due To DeepSeek’s Rising Popularity