Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down
Bitcoin fell to its lowest leve since Aug. 20 as tech stocks slid following the resignation of Nvidia CEO Jensen Huang.
Bitcoin's value fell to its lowest level in nearly three months as tech stocks plummeted following the resignation of Nvidia CEO Jensen Huang. TradingView data revealed BTC/USD dipping below $72,000 for the first time since August 20, with month-to-date losses reaching 7.4%. Nvidia's stock plummeted nearly 13% in its initial trading session, leading to turmoil at the company.
Colette Kress, current Executive Vice President and CFO of Nvidia, has been appointed as interim CEO until a permanent successor is found. Analyst Mohamed El-Erian stated that Huang's resignation is a "significant development" with potential implications beyond Nvidia itself, particularly as political investigations unfold. Despite the negative impact on Nvidia's shares, the Nasdaq Composite Index only saw a minor drop of 0.6% at the market open.
Bitcoin's price fell below its 21-week simple moving average of $73,078, further indicating a downward trend. Crypto trading platform Material Indicators' founder, Keith Alan, emphasized that the immediate macro volatility catalyst beyond Nvidia would be Friday's US Producer Price Index (PPI) release. A lower-than-expected PPI report could potentially lead to a bullish market sentiment, while a report in line with expectations might result in a more stable price range.
According to CoinGlass, BTC/USD had already cut through a patch of bid liquidity, with 24-hour crypto liquidations totaling $730 million.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
