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Launch of Chinese AI model Kimi K3 drags Bitcoin below $64K amid tech selloff

Market News
17 Jul 2026
Crypto Briefing
View Source
Bearish
pluang ai news

The launch of Kimi K3 by Chinese AI startup Moonshot AI triggered a selloff in semiconductor stocks and risk assets, causing Bitcoin to fall below $64,000. The new AI model raised concerns about US chipmaker valuations, impacting tech stocks and spreading weakness to cryptocurrencies like Ethereum, Solana, and XRP. Bitcoin remains stuck below its June high, closely tied to tech market sentiment, while the Crypto Fear and Greed Index signals fear. Investors now await the upcoming Federal Reserve meeting, which could influence Bitcoin's next move depending on the Fed's rate decision and guidance.

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