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Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down

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Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down

Bitcoin fell to its lowest leve since Aug. 20 as tech stocks slid following the resignation of Nvidia CEO Jensen Huang.

Bitcoin (BTC) set new multimonth lows after Thursday’s Wall Street open as selling pressure returned to the US stock market.

Data from TradingView showed BTC/USD dropping below $72,000 for the first time since Aug. 20 as month-to-date losses reached 7.4%.

Turmoil at Nvidia following the immediate resignation of CEO Jensen Huang dragged stock markets downward, with NVDA falling nearly 13% at the Wall Street open.

“Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named,” the company stated in a press release.

Economist Mohamed El-Erian described Huang’s resignation as a “significant development” that would have implications beyond Nvidia itself.

“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,” he wrote in an analysis.

Despite the selling pressure on Nvidia’s shares, the tech-heavy Nasdaq Composite Index avoided major losses at the open, trading 0.6% lower at the time of writing.

BTC/USD fell back below its 21-week simple moving average (SMA), which stood at $73,078 on Wednesday.

Assessing near-term macro volatility catalysts beyond Nvidia, Keith Alan, cofounder of crypto trading platform Material Indicators, highlighted Friday’s US Producer Price Index (PPI) release.


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