₿ Bitcoin drops toward $71,000 as Nvidia shares tumble
Bitcoin fell to its lowest level since August 20 as US tech stocks slid after Nvidia chief executive Jensen Huang's sudden resignation.
⚠️ This is news, not financial or investment advice.
The mystery
Crypto often moves with big tech stocks. When the world's most watched chip company lost its founder overnight, both markets felt the shock.
The answer
Data from TradingView showed Bitcoin falling under $72,000 after the Wall Street open on Thursday, for the first time since August 20, leaving it down 7.4% for the month. Nvidia stock dropped almost 13% at the open after Huang stepped down with immediate effect; the company said chief financial officer Colette Kress will act as interim CEO while it looks for a permanent replacement. Economist Mohamed El-Erian called the resignation a significant development with effects beyond Nvidia. The wider Nasdaq Composite was down only about 0.6% at the time. Traders are also watching Friday's US Producer Price Index, after October consumer inflation came in above forecasts and markets began expecting more interest-rate rises from the Federal Reserve. This is news, not investment advice.
Now think about this
Why do you think crypto prices now react so strongly to news from the stock market?
