Bitcoin fell below $72,000 on Thursday, reaching its lowest level since August 20, as renewed selling pressure hit US financial markets following the resignation of Nvidia CEO Jensen Huang. The leading cryptocurrency declined by as much as 3.5%, while its losses for November reached 7.4%.
Nvidia shares also came under heavy pressure, dropping nearly 13% at the opening of Wall Street before recovering to around $160, still down 7.2% on the day. The company appointed its Chief Financial Officer, Colette Kress, as interim CEO while its board searches for a permanent successor. The development raised concerns among investors, adding pressure to technology stocks and weighing on cryptocurrency markets.
Bitcoin also slipped below its 21-week simple moving average of $73,078, highlighting continued weakness in its price trend. Analysts are now watching Friday’s US Producer Price Index (PPI) report for further market direction. A lower-than-expected inflation reading could ease concerns about additional Federal Reserve interest rate hikes and support a recovery in risk assets. Meanwhile, crypto liquidations reached approximately $730 million over 24 hours, reflecting heightened volatility across the market.
