Bitcoin fell below $72,000 for the first time since Aug. 20 and set new multimonth lows after Wall Street opened on Thursday. The decline coincided with a sharp fall in Nvidia shares following the immediate resignation of chief executive Jensen Huang. Colette Kress, the company’s chief financial officer, was named interim CEO while she continues in her CFO role until a permanent successor is named.
Crypto and equities fall together
Bitcoin lost 3.5 percent on the day and was down 7.4 percent so far in the month. Crypto markets saw about $730 million in 24-hour liquidations. Bitcoin’s 21-week simple moving average stood at $73,078 on Wednesday, which the price has now dropped beneath.
Nvidia stock hit an intraday low of 148.80 dollars and was down 7.2 percent at the time of writing, after rebounding toward 160 dollars. The Nasdaq Composite Index was down 0.6 percent at the same point. By our market data, bitcoin stood at $70,241 as of 03:00 GMT on 13 November, its lowest in 31 days.
Inflation data in focus
The October consumer price index came in above expectations on Tuesday, pushing markets to price in more interest-rate hikes from the Federal Reserve. Friday’s producer price index release is the next key event, analyst Keith Alan said. A cooler reading could reduce the odds of aggressive hikes in December or January and could flip the trend bullish.
Economist Mohamed El-Erian said Huang’s departure was a significant development with implications beyond Nvidia. He noted that the company will face scrutiny as it adjusts to the loss of its founder, and as various political investigations unfold.
Related: Bitcoin slides below 72,000 dollars as 656 million dollars is liquidated · Bitcoin slips below $75,000 ahead of US inflation data
Data: CoinGecko
