Bitcoin Breaks Below 100 Million Won as Nvidia Shock Deepens Selloff
Bitcoin fell into the $71,000 range, hitting its lowest level in nearly three months. The resignation of Nvidia CEO Jensen Huang heightened uncertainty surrounding the artificial intelligence (AI) sector, while a sharp rise in international oil prices and continued institutional outflows added to th
Bitcoin prices plummeted below 100 million won on November 13, 2023, as investor confidence in the cryptocurrency market waned. The decline was attributed to Nvidia CEO Jensen Huang's resignation following allegations of inappropriate behavior, causing uncertainty in the AI sector. This leadership shake-up unsettled tech stocks, prompting a sell-off in global markets, including a 4% drop in Bitcoin's value over 24 hours.
Rising international oil prices and continued institutional outflows from Bitcoin ETFs compounded the pressure, with U.S. funds exiting the market for five straight days, leading to a $299.9 million net outflow alone. MSCI's decision to delist Bitcoin from its major indexes also raised concerns about potential forced sales by passive funds.
The political landscape shifted after the U.S. midterm elections, with the Democrats gaining control of both chambers, raising worries about policy changes that could impact the cryptocurrency sector. Large-scale liquidations in derivatives markets, totaling over $750 million in short positions, added to the downward momentum, while spot markets showed relative stability.
Investor sentiment, as measured by the Crypto Fear & Greed Index, was firmly in the "Fear" zone. In South Korea, Bitcoin's price was 1.2-1.5% higher than on overseas exchanges, indicating a "kimchi premium." Analysts warned that the market lacked sufficient support to prevent further declines, with $70,000 identified as the next critical price level to monitor.
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