Bitcoin falls below $74,000 as Nvidia inquiry adds to market uncertainty

Key points

• More than $297m in Bitcoin long positions were liquidated in 12 hours, with BTC near $73,800, down almost 3% in 24 hours.
• Nvidia's tokenised stock NVDAX and NVDA-USDC perpetual futures on Hyperliquid each fell about 6% in 24 hours.
• Nvidia's board said on 8 November it was starting an independent investigation into the allegations, which China denies.

Bitcoin fell below $74,000 as the Nvidia inquiry added fresh uncertainty to an already weak crypto market. BTC briefly slipped under $74,000 in thin trading, failed to hold above $75,500 and fell again, trading near $73,800, down almost 3% in 24 hours.

The focus is an alleged Chinese espionage attempt rather than Jensen Huang's admission that he was unfaithful to his wife. China denies the allegations, and Nvidia's board said on 8 November it was starting an independent investigation, adding that it had no reason to believe national security or company secrets were compromised.

Nvidia's market footprint showed the strain. NVDA-USDC perpetual futures on Hyperliquid dropped almost 6% in 24 hours before the US market opened, and the tokenised stock NVDAX was down about 6%.

Bitcoin has no direct link to Nvidia, but it has traded in step with AI stocks, and many listed Bitcoin miners have moved into AI computing. Bitcoin ETF outflows neared $1.3bn in the week of 2 November, against $203m a week earlier.

What to watch: Nvidia's board is to carry out an independent investigation into the espionage allegations, with its findings still awaited.

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