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

Bitcoin fell to its lowest leve since Aug. 20 as tech stocks slid following the resignation of Nvidia CEO Jensen Huang.

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

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%.

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.

Economist Mohamed El-Erian described Huang’s resignation as a “significant development” that would have implications beyond Nvidia itself.

“The situation will remain in the spotlight, not only as the company navigates the loss of its highly-influential founder, but also as various political investigations (formal and informal) unfold,” he wrote in an analysis.

Despite the selling pressure on Nvidia’s shares, the tech-heavy Nasdaq Composite Index avoided major losses at the open, trading 0.6% lower at the time of writing.

BTC/USD fell back below its 21-week simple moving average (SMA), which stood at $73,078 on Wednesday.

The latest data from CoinGlass showed BTC/USD cutting through a patch of bid liquidity as 24-hour crypto liquidations hit $730 million.

BTC liquidation heatmap. Source: CoinGlass