BTC$71,300
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XMR$548.63Bitcoin slides to $71,300 after Nvidia CEO resigns
BTC fell to $71,300, its lowest since August, down 3.6% in 24 hours, as Nvidia's Jensen Huang resigned and MSCI dropped Strategy from its indexes.
Bitcoin fell to $71,300 on Nov. 12, its lowest level since August. CoinLab data (Binance) shows BTC down about 3.6% over 24 hours and roughly 6% over the week. Two stories hang over the market: the exit of Nvidia's chief executive and Strategy's removal from MSCI indexes.
Details
Nvidia said on Nov. 12, in an exhibit to a Form 8-K, that Jensen Huang had resigned as president, chief executive and board member, effective immediately. CFO Colette Kress is interim CEO, and Harvey Jones was named the board's first-ever chair. The announcement gives no reason for the departure, and the board has begun a search for a permanent CEO.
A day earlier, on Nov. 11, MSCI dropped Strategy and Metaplanet from its indexes, effective after the close on Nov. 30; see our report on the MSCI decision. ForkLog reports that U.S. inflation data coming in above forecast added pressure.
Volatility began over the weekend, when bitcoin dipped to $73,500 amid the controversy around Huang. That controversy has now ended in his resignation.
What it means for the market
Over the past 24 hours BTC traded roughly between $71,300 and $74,800 (Binance, data as of the evening of Nov. 12 Moscow time). The daily RSI is near 30, which is the conventional oversold zone; that describes the indicator, not a forecast. Linking the drop to specific news is the media's interpretation, as no official statement explains the move.
For the live price, see the daily brief. This is not investment advice.
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