Bitcoin Nvidia Slump: BTC Hits Lowest Since August As Huang Quits

Bitcoin slid to about $71,400 on Thursday, its lowest since August, as Jensen Huang‘s sudden exit from Nvidia hit tech stocks and pushed investors away from risk.

Key Takeaways

Bitcoin fell nearly 4% in 24 hours from a high above $74,200
Nvidia closed down 4.34% at $166.19 after falling as much as 14% at the open
CFO Colette Kress is interim CEO while the board searches for a permanent successor
Friday’s producer price report could bring more swings for crypto, one industry founder said

Nvidia said Huang resigned as president, CEO and board member with immediate effect. Its board named CFO Colette Kress interim CEO, made Harvey Jones its first chair and said the search for a permanent chief will consider internal and external candidates. Nvidia did not say why Huang left.

The stock clawed back much of its early loss but still ended the day down 4.34%, and the Nasdaq closed 0.39% lower.

Also Read: Nvidia Crashes 12% As Jensen Huang Quits, And Wall Street Slashes Targets To $200

Why Bitcoin Fell With Nvidia

“Bitcoin’s reaction to Nvidia’s leadership crisis shows that the asset remains closely correlated with movements in US equity markets and the general investor risk appetite,” said Markus Levin, co-founder of blockchain data network XYO.

Levin said Nvidia sits at the center of the AI investment boom. When tech stocks come under pressure, he said, institutional investors “tend to reassess exposure across the entire risk-asset spectrum, and Bitcoin is definitely a big part of that equation.”

He also pointed to persistent inflation, rising Treasury yields, a stronger dollar and steady outflows from spot Bitcoin ETFs. “The market is repricing expectations around liquidity, borrowing costs and how much risk investors are willing to carry,” he said.

Thursday, Nov. 12	Move
Bitcoin	About $71,400, down nearly 4% in 24 hours
Bitcoin 24-hour range	$71,300 to $74,200
Nvidia close	$166.19, down 4.34%
Nvidia low at the open	$148.80, down about 14%
Nasdaq	Down 0.39%

Friday’s Inflation Data Is The Next Test

The Labor Department releases October producer prices on Friday at 8:30 a.m. ET. Levin said a hotter-than-expected reading could add “another layer of volatility” by reinforcing expectations of further Fed tightening.

A softer reading, a clearer Fed rate path and steadier tech stocks could help restore risk appetite, he said. “If that is accompanied by a sustained return of inflows into spot Bitcoin ETFs, we could see Bitcoin regain upward momentum.”

Is Nvidia A Buy After The Drop

Utkarsh Ahuja, founder and managing partner of crypto investment firm Moon Pursuit Capital, said the selloff “could create a compelling buying opportunity in Nvidia,” but he would not rush to call the bottom. He expects more pressure while investors wait to learn who will lead the company and whether that changes its product roadmap or ties with big customers.

“Huang is an extraordinarily hard act to follow, yet Nvidia’s technology, talent and customer relationships don’t disappear with his departure,” Ahuja said.

He said he would watch customer orders, margins, deployment schedules and whether key engineers stay. “If those indicators hold up as the price falls, the opportunity becomes more attractive. If they weaken, a cheaper stock isn’t necessarily a bargain.”

Ahuja also warned that owning chips, data centers and cloud providers “can still amount to one concentrated bet on the same spending cycle,” because all of them depend on the same customers to keep spending on AI. Nvidia reports quarterly results on Tuesday, Nov. 17.