Bitcoin sank today toward $72,000 after Nvidia CEO Jensen Huang resigned with immediate effect, sending the chipmaker’s shares down about 10% and dragging tech stocks lower with them.
The slide has also been fueled by institutional investors. Spot bitcoin ETFs saw outflows of around $300 million on Wednesday, marking the fifth consecutive day of withdrawals and bringing the total to about $1.44 billion since last week. The Fear and Greed Index stands at 28, firmly in fear territory.
My take: this is a tech-stock shock, not a crypto-native one, but bitcoin is still trading in line with the same sentiment. Until the equity sell-off settles, expect crypto to follow stocks rather than lead. #Bitcoin $BTC
The slide has also been fueled by institutional investors. Spot bitcoin ETFs saw outflows of around $300 million on Wednesday, marking the fifth consecutive day of withdrawals and bringing the total to about $1.44 billion since last week. The Fear and Greed Index stands at 28, firmly in fear territory.
My take: this is a tech-stock shock, not a crypto-native one, but bitcoin is still trading in line with the same sentiment. Until the equity sell-off settles, expect crypto to follow stocks rather than lead. #Bitcoin $BTC