CryptoUnited States

Bitcoin slips under $72,000 after Nvidia leader Jensen Huang quits

Bitcoin fell under $72,000 on Thursday, its lowest level since mid-August, as Nvidia announced that chief executive Jensen Huang had left. Ether and XRP also sold off, a reminder of how closely crypto prices can move with big stocks.

Illustration: A single large gold coin with a circuit pattern engraved on its face stands upright on a seamless electric blue backdrop, lit by crisp soft light.
Illustration

Nvidia said on Thursday that Jensen Huang had given up his roles as chief executive, president and board member, with immediate effect. The chipmaker announced the change on Nov. 12, ending his 33 years leading the artificial intelligence company. Its shares fell sharply after the news.

Bitcoin dropped below $72,000 on the same day, its lowest level since mid-August. Over the seven days to Nov. 12, the coin lost 8.66% of its value. Bitcoin, XRP, Ether and Shiba Inu all faced mounting selling pressure at the same time.

Bitcoin$66,988down −17.90%over 1 month
$84,082$66,99415 Oct14 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

Also in this story

Etherdown −21.61%1 monthXRPdown −26.22%1 month

Shares of Strategy, which trades under the ticker MSTR, also slid. MSCI, an index provider, confirmed the company's exit from one of its indexes.

Some crypto traders hold positions with borrowed money, a practice known as leveraged trading. A quick wave of forced sales in these positions shows how risky that kind of trading can be. Further price swings and a more cautious mood among investors could follow.

Colette Kress, Nvidia's chief financial officer, was named to an interim role after Huang's exit. The change leaves the company under new temporary leadership at a time when its shares and the wider market were under pressure.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

Over the previous week, outflows from US Bitcoin exchange-traded funds had already been adding pressure, as institutional demand faded.

GuideCrypto Fear and Greed Index today: how fearful or greedy the crypto market is

Where
United States
Published
Section
Crypto
Markets
Bitcoin, Ether, XRP

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

Back to the front page

More news

Illustration: A large gold paper coin carrying the Bitcoin logo sits on the edge of a stepped cliff of coral and mustard paper, as if it is about to slide down.CryptoBitcoin falls below $70,000, a 12-week low, on rate fearsBitcoin slid under $70,000, its lowest level in 12 weeks, as traders grew wary of where US interest rates go next. The coin has given back most of its summer gains and is down 22% this year, while Ether and bitcoin-linked US stocks also fell.Bitcoindown −17.90%1 monthIllustration: A row of round tokens in pink, teal and yellow overlap slightly, printed with bold simple shapes.CryptoXRP slips near $1 as 335 million coins move to exchangesXRP fell back toward $1 as selling picked up and more coins reached trading platforms. Heavier selling can add pressure on the price, which matters for anyone holding the token.XRPdown −26.22%1 monthIllustration: A long aisle of server racks in a dark data hall, lit by cyan and magenta indicator lights that reflect on the polished floor.CryptoMEGA cuts 20% of staff as it pivots toward AI productsMEGA, formerly the MegaETH Foundation, has disclosed a 20% cut to its staff as it shifts toward AI inference products.Illustration: A boardroom table with papers and a presenter standing beside a blank screen, warm late light.CryptoTwenty One Capital's $1.09 billion profit came from bitcoin, CEO saysTwenty One Capital, a Tether-backed firm, reported about $1.09 billion in third-quarter net income. Its chief executive said the gain came from bitcoin rather than the firm's business.Bitcoindown −17.90%1 monthIllustration: A single large gold coin with a plain embossed ring stands on its edge on a wet dark street at night, glowing cyan and magenta light reflected in the puddles around it.CryptoBitcoin climbs above $70,000 as cooler US inflation data landsBitcoin rebounded above $70,000 after a cooler-than-expected US producer price report, and gold rose too. The move caught many traders on the wrong side of the market.Bitcoindown −17.90%1 monthIllustration: Far away, a wide room filled with rows of desks and screens glowing in orange and plum tones, with a few small anonymous figures walking between them.CryptoHyperliquid overtakes three rivals in open interest as Q3 positions rise 80%Hyperliquid passed Bybit, Kraken and OKX on open interest, a measure of trades still running. Its positions grew 80% in the third quarter, and the HYPE token has fallen 26% from its peak.Bitcoindown −17.90%1 month