Bitcoin Drops to $71,000 Range for First Time in 12 Weeks as Jensen Huang Resigns, Rate Fears Mount

Summary

Forecast Trend Report by Period

Nvidia management turmoil dents risk appetite

Inflation and rising Treasury yields add selling pressure

Bitcoin fell into the $71,000 range for the first time since August as uncertainty around the AI industry deepened after Nvidia Chief Executive Officer Jensen Huang resigned. Pressure from rising U.S. inflation and interest rates added to the decline. Unlike U.S. stocks, which recouped much of their early losses, the crypto market remained under pressure.

Bitcoin traded at $71,478.45 on Binance's Tether market on Nov. 12, down 3.50% from 24 hours earlier. It was the first time in about 12 weeks that Bitcoin had fallen below $72,000 and slipped into the $71,000 range.

Nvidia said on Nov. 12 that Huang had resigned effective immediately as president, chief executive officer and board member. Chief Financial Officer Colette Kress will serve as interim CEO. The founder's abrupt departure heightened management uncertainty.