Crypto finally did its catch-up selloff today.
After Jensen Huang officially announced he was leaving, Nvidia opened down 13%, wiping out more than $440 billion in a single day. The most interesting thing is that the Dow was still in the green, up 0.2%—the money didn’t leave, it just jumped off the AI ship and boarded another one.
After playing dead for three days, $BTC finally gave up the $80,000 floor and slid toward $71,000, with $ETH drifting lower alongside it. Cointelegraph’s headline was blunt: Bitcoin falls toward $71,000 because Jensen Huang resigned. Translation: crypto’s anchor right now isn’t the dollar—it’s Nvidia.
AI cloud stocks and mining stocks crashed together: Nebius -21%, CoreWeave -16%, IREN -9%, TeraWulf -7%. “Neocloud,” simply put, means using the electricity from mining farms to do AI work, so naturally none of them can escape the selloff.
There was nowhere to hide, either: gold fell 3% to a one-year low of 3868, silver lost 50, and the dollar was the only thing rising across the board. A December rate hike is now 100% priced in.
My take: Two landmines lie ahead—the November 17 Nvidia earnings report (Kress’s debut as interim chief) and the December FOMC meeting. Put the words “buy the dip” away until they’re behind us. $71,000 is the test for BTC this cycle; if it can’t hold, watch for the 60s. Money moving elsewhere doesn’t mean it’s coming back to crypto—don’t jump the gun.
NFA DYOR
$BTC $ETH $SOL
#比特币 #英伟达 #美股 #美联储 #Cryptocurrency
After Jensen Huang officially announced he was leaving, Nvidia opened down 13%, wiping out more than $440 billion in a single day. The most interesting thing is that the Dow was still in the green, up 0.2%—the money didn’t leave, it just jumped off the AI ship and boarded another one.
After playing dead for three days, $BTC finally gave up the $80,000 floor and slid toward $71,000, with $ETH drifting lower alongside it. Cointelegraph’s headline was blunt: Bitcoin falls toward $71,000 because Jensen Huang resigned. Translation: crypto’s anchor right now isn’t the dollar—it’s Nvidia.
AI cloud stocks and mining stocks crashed together: Nebius -21%, CoreWeave -16%, IREN -9%, TeraWulf -7%. “Neocloud,” simply put, means using the electricity from mining farms to do AI work, so naturally none of them can escape the selloff.
There was nowhere to hide, either: gold fell 3% to a one-year low of 3868, silver lost 50, and the dollar was the only thing rising across the board. A December rate hike is now 100% priced in.
My take: Two landmines lie ahead—the November 17 Nvidia earnings report (Kress’s debut as interim chief) and the December FOMC meeting. Put the words “buy the dip” away until they’re behind us. $71,000 is the test for BTC this cycle; if it can’t hold, watch for the 60s. Money moving elsewhere doesn’t mean it’s coming back to crypto—don’t jump the gun.
NFA DYOR
$BTC $ETH $SOL
#比特币 #英伟达 #美股 #美联储 #Cryptocurrency