Bitcoin dropped to US$98,852.17 on Jan. 27, marking an 11-day low after falling 6% in early trading losses.

This decline, its lowest since Jan. 16, occurred alongside a broader selloff in tech market amid competition concerns from the Chinese AI startup DeepSeek.

Some analysts called this an “AI Sputnik moment,” which also caused significant losses in Western AI-related stocks.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, linked the drop to falling Nasdaq futures.

He also cited disappointment over the lack of major cryptocurrency announcements from President Donald Trump’s new administration.

High interest rate expectations further pressured riskier assets like cryptocurrencies, according Thomas Puech of Indigo.