Cryptocurrencies remain under significant selling pressure after a market shakeout driven by investor reactions to Deepseek AI news.

As Bitcoin (BTC) fell below $100,000 and Altcoins turned red amid a bloodbath in tech stocks, and the crypto market was suspended for a massive liquidation.

according to coinglassTotal crypto leverage over the past 24 hours has risen by more than 850% as of January 27, with nearly $1 billion in long and short positions wiped out. At 2 p.m. ET, references totaled about $993 million, with long positions accounting for more than $883 million and short positions accounting for about $110 million.

Over 344,000 crypto traders liquidated over the past 24 hours, with the largest single liquidation order amounting to $98.46 million in BTC-USDT on Exchange HTX.

Overall, liquidations amounted to more than $311 million for Bitcoin, more than $143 million for Ethereum (eth) and about $50 million in Solana (Sol) Tor and shorts. XRP and DogeCoin accounted for $42 million and $33 million in liquidation positions respectively.

The nearly $1 billion in liquidated positions coincided with BTC falling below $98,000 and ETH falling to $3,000. The total crypto market cap fell by 8%, settling at $3.3 trillion.

Sell ​​Deepseek Assets and Risk Assets

The sell-off in crypto assets occurred alongside broader declines in risk assets, which caused market reactions to Deepseek, an artificial intelligence system developed in China. Analysts note that DeepSec poses a threat to US dominance in the AI ​​sector. Reports indicate that the system was developed at the expense of US-based projects such as Openai and open source.

AI chip maker Nvidia fell 17% while Advanced Devices fell 6% and Qualcomm fell 2%. Microsoft, Alphabet's Google and Amazon were in the red.

“As Deepseek challenges the dominance of AI, the question still remains: Will it step back as market champion, or let risk assets consolidate for themselves?” QCP Capital Analysts Posted on x.