NVIDIA Scandal Hits Crypto: Bitcoin Drops, $1B Liquidated
Summary
Reports of an Nvidia board investigation into CEO Jensen Huang triggered a weekend risk-off move across crypto markets while U.S. equities were closed. Bitcoin briefly fell below $74,000 and Ethereum below $2,100; more than $1 billion in leveraged positions, mostly longs, were liquidated in 24 hours. Nvidia perpetual futures and tokenized shares also declined about 3–4%. Nvidia said it had no reason to believe company secrets or national-security information were compromised, and Huang pledged to cooperate. Thin weekend liquidity, macro uncertainty and high leverage may also have contributed, so the sell-off cannot be attributed to the reports alone. The episode highlighted crypto’s exposure to traditional tech and AI-sector sentiment.
