Former BitMEX CEO Arthur Hayes anticipation That the Bitcoin price of Bitcoin may collapse to the $70,000 level.

The businessman believes that the possible collapse will be caused by a "mini-financial crisis" in the United States

However, the head of BitMEX is convinced that the leading cryptocurrency could eventually rise to the $250,000 level by the end of the year.

Defeat DeekSeek

Earlier today, the leading cryptocurrency collapsed to an intraday low of $98,440, falling nearly 7% over the past 24 hours.

This coincided with major chip stocks experiencing a level Severe defeat In pre-market trading. E-mini Nasdaq-100 futures fell 2.62%, according to the latest data.

The market turmoil came after Chinese AI startup DeepSeek released a major new language model called DeepSeek-R1, which was able to outperform some popular models, including OpenAI o1, on some key benchmarks. This is despite the fact that the startup was struggling to obtain advanced chipsets due to expert controls. Notably, the startup spent a meager $6 million to train the model compared to the billions of dollars required by OpenAI.

The model created buzz shortly after OpenAI announced Startgaste, a $500 billion AI infrastructure project built in collaboration with SoftBank and some other participants.

The success of DeepSeek, which has emerged as the most popular app on the App Store, may lead to a decline in demand for chips and data centers, considering that the startup has spent mere peanuts on raw computing power while still outpacing leading US tech giants.