Reporting · technology
Crypto selloff deepens as Nvidia shares fall 9.3% amid Jensen Huang scandal
Bitcoin fell below $75,000 and over $1 billion in crypto bets made with borrowed money were liquidated as an AI stock rout deepened.
Quick take
- Bitcoin dropped below $75,000 on Thursday as a broad selloff hit crypto and US tech stocks.
- Over $1 billion in crypto positions taken with borrowed money were liquidated that day, and Nvidia shares fell 9.3%.
- Nvidia's board has opened an independent investigation into Jensen Huang, while Coin Bureau says Congress summoned him for November 18.
Cryptonews reported that bitcoin slid below $75,000 after a post-election rally, as a broad crypto selloff unfolded alongside a steep decline in AI-related stocks. Ethereum fell more than 7%, and XRP and Solana posted heavy losses. The Nasdaq Composite dropped 5.5% in the same session, and bitcoin, ether, XRP and Solana were all lower.
Nvidia shares fell 9.3% during Thursday's rout, and Jensen Huang has been linked to a suspected Chinese spy scandal. The case centers on Alice Huang, a former Megaspeed executive described as a suspected US intelligence asset. Huang has admitted unfaithfulness and apologized to family and colleagues.
Nvidia's board has opened an independent investigation into Huang and says it has seen no evidence that secrets were compromised. Coin Bureau reports that Congress will summon Huang on November 18. Meanwhile, over $1 billion in crypto bets made with borrowed money were liquidated on Thursday as the selloff deepened.
The next known step is the congressional summons set for November 18, while the Nvidia board's investigation is ongoing.
Sources
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