Crypto markets face a volatile start to the week as $1 billion in liquidations follow news of an Nvidia CEO probe and stalled U.S.-Iran negotiations, with traders bracing for Monday's traditional market reaction.
Nvidia's board opened an independent investigation into CEO Jensen Huang's affair with a woman U.S. officials believe was spying for China, with the inquiry also touching Megaspeed, accused of helping restricted Chinese firms obtain Nvidia chips. The tokenized NVDAX fell 3.55% to $180.42 versus Friday's Nasdaq close of $186.64, signaling traders expect a gap down at Monday's open.
Bitcoin fell to about $73,761 late Sunday, its lowest level since August, as traders reacted to the Nvidia CEO probe and stalled Iran talks; $272 million of BTC longs were liquidated. It bounced above $75,000 but the bounce has already stalled, so direction hinges on Monday's traditional market open.
Ether crashed below $2,100 before recovering to $2,144, and bore the brunt of the deleveraging: $448 million in ETH liquidations, nearly double Bitcoin's $272 million, including the single largest order worth $48 million. That marks Ether as the more crowded, more vulnerable long.
Nvidia is described as the AI bellwether at the center of the AI boom, and investors are already worried about the durability of the AI narrative, with the Nasdaq down nearly 5% last week in a four-week losing streak. A damaging probe into its CEO adds pressure on Monday's tech-heavy index.
Secretary of State Marco Rubio called Iranian demands 'outrageous' and said the talks had stalled, keeping Middle East geopolitical risk elevated. The article notes that rising tensions there usually push up oil prices, though it offers no specific oil price data.
Cryptocurrency markets faced intense volatility over the weekend as over $1 billion in leveraged positions were liquidated. Bitcoin dropped to $73,761 before a partial recovery, while Ether saw $448 million in liquidations. The sell-off was triggered by an independent investigation into Nvidia CEO Jensen Huang and stalled U.S.-Iran diplomatic talks, leaving investors cautious ahead of Monday's traditional market open.
The board opened an independent investigation after CEO Jensen Huang admitted an affair with Alice Huang, a business executive whom U.S. intelligence agencies believe was passing information to Beijing; Nvidia says it has no reason to believe secrets were compromised.
NVDAX, the tokenized Nvidia stock, dropped 3.55% to $180.42 over 24 hours versus the underlying close of $186.64 on Nasdaq Friday, implying traders expect a drop when the market opens Monday.
Traders treated the Nvidia CEO investigation and stalled U.S.-Iran talks as risk-off news, and over $1 billion in leveraged long positions were liquidated, pushing Bitcoin to its lowest level since August near $73,761 before a bounce above $75,000.
The article cites support at the 200-day average around $73,150 and resistance at the 100-day average at $77,430, with Monday's traditional market reaction seen as the key test.
Yes. Ether saw $448 million in liquidations, nearly double Bitcoin's $272 million, and the single largest liquidation order, worth $48 million, was also in ETH.
The Nasdaq fell nearly 5% last week, extending a four-week losing streak, as investors grew worried about the durability of the AI narrative.
The stalled U.S.-Iran talks keep Middle East tensions high, and the article notes that increased tensions there usually push up oil prices.