Bitcoin falls below $72,000 after Nvidia earthquake

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Bitcoin (BTC) fell to $71,200 on Thursday, its lowest level in almost twelve weeks. This decline comes as the resignation of Jensen Huang, co-founder and boss of Nvidia, shakes the markets and accentuates distrust towards risky assets.

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In the afternoon, the price of Bitcoin was trading around $71,500, down nearly 4% over 24 hours and around 14% over a month. Ether, Solana and XRP were also falling.

Across the entire crypto market, more than $750 million in positions were liquidated in 24 hours, including 634 million bullish bets. These forced closures of leveraged positions can amplify the decline by triggering further selling.

If this decline makes you want to position yourself on Bitcoin, an exchange platform like Coinbase allows you to simply buy it.

Already faced with the decline in technology stocks, investors had to absorb the departure of the leader who embodied the rise of artificial intelligence. Jensen Huang has stepped down as Chairman, Chief Executive Officer and Director of Nvidia, effective immediately.

Colette Kress, financial director since 2013, is acting in the interim while the board of directors searches for a successor. Nvidia shares fell more than 12% during the day.

This resignation comes after several days of revelations. Nvidia had opened an internal investigation following information according to which Jensen Huang had been targeted by a foreign intelligence operation, against the backdrop of a liaison with a woman suspected of links with Chinese services. American media then reported another alleged relationship, with a collaborator placed under his direct authority.

This shock affects a crypto market already weakened by investor withdrawals. US spot Bitcoin ETFs recorded nearly $300 million in net outflows on November 11, their fifth consecutive session of withdrawals. Ether ETFs lost around $145 million.

On the same subject – Action Strategy (MSTR): here are the 2 major dates to watch – Vincent Ganne’s analysis

Meanwhile, MSCI will remove Strategy from its indices after the close on November 30. The funds that replicate them will have to sell their shares in Michael Saylor's company. This decision does not require any transfer of its bitcoins, but could complicate the financing of future purchases.

Faced with these pressures, Jasper De Maere, trader at Wintermute, highlights the absence of big buyers. According to him, several consecutive days of net inflows into ETFs would be necessary to see a lasting improvement.

To follow or buy Strategy shares, whose fate in the MSCI indices is at stake, an online broker provides access to the stock markets.

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