Bitcoin falls to 12-week low as Jensen Huang's exit from Nvidia rattles markets
Bitcoin fell to its lowest level in nearly 12 weeks on Thursday, dropping to $71,200 as markets reacted to Nvidia CEO Jensen Huang's abrupt departure and concerns over potential selling pressure from MSCI's removal of Strategy from its indexes.
Bitcoin was down 3.4% at around $71,600 at the time of reporting. Ether, Solana and XRP also fell more than 3.5% over the previous 24 hours, while crypto liquidations exceeded $750 million, including more than $634 million in long positions, according to CoinGlass.
Huang resigned as Nvidia's president, CEO and board member with immediate effect following reports about his personal conduct. Nvidia named CFO Colette Kress as interim CEO, while its shares opened Thursday down 12%. Nvidia perpetual futures on Hyperliquid recorded $2.34 billion in 24-hour trading volume.
"We remain cautious on BTC as it tests $73k, the level we flagged as first potential support, with no convincing signs of size stepping in at these prices," Wintermute OTC trader Jasper De Maere said.
Bitcoin fell to its lowest level in nearly 12 weeks on Thursday, dropping to $71,200 as markets reacted to Nvidia CEO Jensen Huang's abrupt departure and concerns over potential selling pressure from MSCI's removal of Strategy from its indexes.
Bitcoin was down 3.4% at around $71,600 at the time of reporting. Ether, Solana and XRP also fell more than 3.5% over the previous 24 hours, while crypto liquidations exceeded $750 million, including more than $634 million in long positions, according to CoinGlass.
Huang resigned as Nvidia's president, CEO and board member with immediate effect following reports about his personal conduct. Nvidia named CFO Colette Kress as interim CEO, while its shares opened Thursday down 12%. Nvidia perpetual futures on Hyperliquid recorded $2.34 billion in 24-hour trading volume.
"We remain cautious on BTC as it tests $73k, the level we flagged as first potential support, with no convincing signs of size stepping in at these prices," Wintermute OTC trader Jasper De Maere said.