Bitcoin rebounded from an 11-week low near $73,500 as the Nasdaq Composite rallied despite sell-off in Nvidia shares.
Bitcoin (BTC) returned above $75,000 after Monday’s Wall Street open as tech stocks rebounded.
Data from TradingView showed BTC/USD up 0.8%, having dipped as low as $73,500 on Sunday, a level not seen since Aug. 21.
The weakness accompanied news that Nvidia CEO Jensen Huang may have been the target of a Chinese intelligence effort, a claim Beijing subsequently denied. Nvidia stock fell about 6% to $170.24 on Monday early trading, a level it last traded at on March 31, before rebounding to session highs of $179.92.
In a Sunday note, Dan Ives, senior managing director at merchant bank Yorkville Ives & Co., warned that the episode could create lasting headwinds for Nvidia’s share price.
“This is a black eye moment for Jensen and will spark multiple congressional inquiries at a minimum and will create an overhang on the stock for a myriad of reasons,” he said, according to CNBC.
Gary Gensler, former chair of the US Securities and Exchange Commission (SEC), said that Nvidia’s board would face “tough choices” based on the results of the company’s internal investigation.
Elsewhere, investors sought to buy the lows on tech stocks, with the tech-heavy Nasdaq Composite Index shaking off the Nvidia claims to gain 2.5% in the first hour of the US trading session.
Falling oil prices helped spur renewed strength in equities and offered Bitcoin some respite from its own downside. 19 per barrel on the day, its lowest since Sep.
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