TheBlock
Bitcoin fell to $71,200 on Thursday, its weakest level in nearly 12 weeks, and traded down 3.4% around $71,600 as markets absorbed the abrupt resignation of Nvidia CEO Jensen Huang. Huang stepped down as president, CEO and board member with immediate effect following reports about his personal conduct, and Nvidia shares opened down 12% after CFO Colette Kress was named interim CEO. Crypto liquidations exceeded $750 million over 24 hours, including more than $634 million in long positions, while Ether, Solana and XRP each dropped more than 3.5%, according to CoinGlass data.
Why it matters
The move stacks two pressure sources on crypto at once. Nvidia is the single largest driver of the AI-led risk rally that crypto has traded alongside for two years, and a 12% opening gap in the stock drags every risk-asset book with it. On top of that, MSCI will remove bitcoin treasury companies Strategy and Metaplanet from its USA Index and Japan Small Cap Index at the close of Nov. 30 under new eligibility rules for non-operating companies, creating a known forced-selling overhang. Strategy had previously criticized the proposed rules as discriminatory; MSCI gave no company-specific reasons.
Market impact
Wintermute OTC trader Jasper De Maere said the desk remains cautious as BTC tests $73,000, the level flagged as first potential support, "with no convincing signs of size stepping in at these prices." Nvidia perpetual futures on Hyperliquid recorded $2.34 billion in 24-hour volume, a measure of how directly the equity shock bled into crypto derivatives rails. The next test is macro: US October PPI lands Friday, with Fed speakers Daly and Jefferson scheduled, and eurozone GDP follows. Until a larger buyer defends the $71,000 to $73,000 band, dips look like the path of least resistance.
Frequently asked questions
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Why did Bitcoin fall to a 12-week low?
Bitcoin dropped to $71,200 as markets reacted to Nvidia CEO Jensen Huang's abrupt resignation, which hit risk assets broadly, adding to pressure from MSCI's planned removal of Strategy from its indexes.
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How large were the crypto liquidations during the drop?
Liquidations exceeded $750 million over 24 hours, including more than $634 million in long positions, per CoinGlass, while Ether, Solana and XRP each fell more than 3.5%.
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Why are Strategy and Metaplanet losing MSCI index membership?
MSCI will remove them at the close of Nov. 30 under new eligibility rules for non-operating companies that examine operating assets and five financial measures. MSCI did not provide company-specific reasons.
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What did Jensen Huang's departure mean for Nvidia stock?
Huang resigned as president, CEO and board member with immediate effect. Nvidia named CFO Colette Kress interim CEO, and its shares opened Thursday down 12%.
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What price levels are traders watching on Bitcoin now?
Wintermute flagged $73,000 as first potential support and noted no convincing signs of large buyers stepping in. US October PPI data on Friday is the next macro catalyst.
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