"Bitcoin fell because Nvidia's CEO quit" is the neat headline. The chart says it's only half true.
$BTC was already down from about $76,000 on Nov 6 before Jensen Huang resigned on Nov 12. The chart (Coinbase prices) shows the first leg lower on Nov 9, then a staircase of lower highs. Huang's exit added the last step, to a low near $71,200 (The Block).
What was already weighing: US spot Bitcoin ETFs lost about $1.44B over five straight days through Nov 11 (SoSoValue via CoinDesk), and CME FedWatch priced roughly a 90% chance of a Fed hike in December. Wintermute's desk said it saw no convincing size stepping in at these prices.
My read: Nvidia was the trigger, not the cause. A market with thin bids falls hard on any shock. What would change that is several days of ETF inflows, not a headline reversal.
Is this a news-driven dip or a demand problem?
#Bitcoin #CryptoMarket Not financial advice.
Disclosure: I can earn Binance Write to Earn rewards from this post.
$BTC was already down from about $76,000 on Nov 6 before Jensen Huang resigned on Nov 12. The chart (Coinbase prices) shows the first leg lower on Nov 9, then a staircase of lower highs. Huang's exit added the last step, to a low near $71,200 (The Block).
What was already weighing: US spot Bitcoin ETFs lost about $1.44B over five straight days through Nov 11 (SoSoValue via CoinDesk), and CME FedWatch priced roughly a 90% chance of a Fed hike in December. Wintermute's desk said it saw no convincing size stepping in at these prices.
My read: Nvidia was the trigger, not the cause. A market with thin bids falls hard on any shock. What would change that is several days of ETF inflows, not a headline reversal.
Is this a news-driven dip or a demand problem?
#Bitcoin #CryptoMarket Not financial advice.
Disclosure: I can earn Binance Write to Earn rewards from this post.
