Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down
Bitcoin price fell below $72,000 on Thursday after Nvidia CEO Jensen Huang's resignation caused stock market turmoil.
Bitcoin (BTC) set new multimonth lows after Thursday's Wall Street open as selling pressure returned to the US stock market. The cryptocurrency dropped below $72,000 for the first time since Aug. 20, with month-to-date losses reaching 7.4%.
The market turmoil followed the immediate resignation of Nvidia CEO Jensen Huang, whose departure sent shockwaves through tech stocks. Nvidia (NVDA) fell as low as $148.80 before rebounding to around $160, down 7.2% on the day.
Nvidia Leadership Transition
Nvidia announced that Colette Kress, current Executive Vice President and Chief Financial Officer, will serve as Interim CEO while the company searches for a permanent successor. "The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates," the company stated.
The situation will remain in the spotlight, not only as the company navigates the loss of its highly-influential founder, but also as various political investigations (formal and informal) unfold.
Market Reactions and Next Steps
Despite Nvidia's stock plunge, the tech-heavy Nasdaq Composite Index avoided major losses, trading only 0.6% lower at the open. Bitcoin fell back below its 21-week simple moving average (SMA), which stood at $73,078 on Wednesday.
Analysts are now looking to Friday's US Producer Price Index (PPI) release for further market direction. "Fundamentally, a cool PPI report that lowers the odds of aggressive rate hikes in December/January could easily flip this script bullish," wrote Keith Alan, cofounder of crypto trading platform Material Indicators.
The latest data from CoinGlass showed BTC/USD cutting through a patch of bid liquidity as 24-hour crypto liquidations hit $730 million. Markets remain volatile with multiple factors influencing price movements.
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