Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down

Bitcoin (BTC) set new multimonth lows after Thursday’s Wall Street open as selling pressure returned to the US stock market. 

Key points:

• Bitcoin price losses hit 3.5% on Thursday as markets reacted to the resignation of Nvidia CEO Jensen Huang.
• Nvidia stock fell as low as $148.80 before rebounding to around $160, down 7.2% on the day at the time of writing.
• BTC price analysis sees Friday’s US Producer Price Index (PPI) data as the next key volatility event.

Nvidia appoints interim CEO as stock plummets

Data from TradingView showed BTC/USD dropping below $72,000 for the first time since Aug. 20 as month-to-date losses reached 7.4%.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Turmoil at Nvidia following the immediate resignation of CEO Jensen Huang dragged stock markets downward, with NVDA falling nearly 13% at the Wall Street open. 

“Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named,” the company stated in a press release.