Bitcoin plunges below $71,000 following Nvidia CEO resignation
Bitcoin extended its decline on November 13, falling below $71,000 amid a sell-off in U.S. technology stocks following the resignation of Nvidia CEO Jensen Huang. Concerns about inflation and the Federal Reserve's future monetary policy added further pressure to the market.
According to TradingView data, the world's largest cryptocurrency fell to approximately $70,877, its lowest level since August 20. Cryptocurrency market liquidations totaled $730 million over the past 24 hours.
BTC/USDT price performance on Binance. Source: TradingView.
The decline also affected other digital assets as investors continued to reduce their exposure to riskier investments.
Jensen Huang's resignation sends Nvidia shares plunging
On November 12, Nvidia announced Jensen Huang's immediate resignation as CEO. Chief Financial Officer Colette Kress was appointed interim CEO.
The company's board of directors has begun searching for a permanent successor, considering both internal and external candidates.
At the opening of U.S. trading, Nvidia shares fell nearly 13% to $148.80. The stock subsequently recovered to approximately $160 but remained down around 7.2% for the day.
Economist Mohamed El-Erian described Huang's resignation as a significant development whose consequences could extend beyond Nvidia. In his view, investors will closely monitor the leadership transition and investigations surrounding the company.
Meanwhile, the Nasdaq Composite was down approximately 0.6% at the time of the original report.
U.S. inflation adds pressure to cryptocurrencies
Bitcoin fell below its 21-week moving average, which stood near $73,078. Analysts consider this level one of the key indicators for assessing the market's future direction.
Material Indicators co-founder Keith Alan highlighted the upcoming release of the U.S. Producer Price Index (PPI). In his view, weaker inflation data could reduce the likelihood of Federal Reserve interest rate hikes and support cryptocurrencies.
The previously released Consumer Price Index for October exceeded expectations, heightening investor concerns about further monetary tightening.
Ethereum also continued to decline amid elevated U.S. inflation and outflows from spot ETFs. The second-largest cryptocurrency by market capitalization fell to approximately $2,006.
Institutional investors continue to reduce their exposure to cryptocurrency funds. Capital outflows are adding pressure to a market already affected by the sell-off in technology stocks.
Earlier, we reported that Solana came under pressure from ETF outflows and its failure to break through key resistance levels. At the time of the previous analysis, SOL was trading at approximately $82.79.
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