Bitcoin falls below $72,000 as Nvidia shares slide on Huang resignation

Key points

• Bitcoin fell 3.5% on the day and was down 7.4% month to date, slipping below its 21-week simple moving average of $73,078.
• Nvidia shares fell as low as $148.80 before recovering to about $160, down 7.2%, after Huang's immediate resignation.
• Colette Kress, Nvidia's chief financial officer, has taken over as interim CEO while the board searches for a permanent successor.

Bitcoin slid below $72,000 on Thursday, its lowest level since 20 Aug, as a sell-off in US technology stocks weighed on crypto markets, Cointelegraph reports. The Bitcoin price fell 3.5% on the day, taking month-to-date losses to 7.4%, according to TradingView data cited by the outlet.

The trigger was Nvidia, where CEO Jensen Huang resigned with immediate effect. The chipmaker's shares dropped nearly 13% at the Wall Street open and traded as low as $148.80 before recovering to around $160, down 7.2%. Nvidia said chief financial officer Colette Kress would serve as interim CEO while the board searches for a permanent successor from inside or outside the company.

PPI in focus

Economist Mohamed El-Erian called the resignation a significant development with implications beyond Nvidia, writing that the company would stay in the spotlight as it absorbs the loss of its founder and as political investigations unfold. The Nasdaq Composite was 0.6% lower, avoiding the worst of the selling.

Bitcoin fell back below its 21-week simple moving average of $73,078, a level it held on 11 November. Keith Alan of Material Indicators pointed to Friday's US Producer Price Index release as the next macro catalyst, after October's consumer price data came in above expectations and markets priced in more Federal Reserve rate rises. CoinGlass data showed 24-hour crypto liquidations of $730m.

What to watch: US Producer Price Index data is due on 13 November, which traders see as the next test for Bitcoin's price direction.

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