Bitcoin tests $73,500 amid a $1.12 billion liquidation wave and Nvidia governance concerns, while investors await critical US CPI and PPI inflation reports.
Bitcoin fell to about $73,500 late Sunday, its lowest level since Aug. 21, with $1.12 billion in leveraged positions liquidated in 24 hours. It trades below its 50-week SMA of $75,492 and below the short-term holder cost basis of $75,691, which may act as resistance. Falling oil prices could lift Bitcoin, per economist Robin Brooks, but inflation data due Tuesday could add pressure.
Nvidia's board announced Sunday an independent investigation into whether CEO Jensen Huang was targeted by a foreign intelligence effort. Mohamed El-Erian called the timing 'unfortunate' for a company he describes as systemically important for tech, markets and the economy, and investors struggle to price key-person and governance issues. The board sees no sign US national security or company secrets were compromised, and China denied the allegations, which limits the downside.
Nasdaq 100 futures fell early Monday, recovered and turned lower again ahead of the US open after Nvidia announced the probe into its CEO. This followed last week's tech sell-off over AI spending and potential US regulatory changes after the midterms. S&P 500 and Dow futures were still up while Nasdaq futures turned lower, which limits the read-across to the broader market.
WTI traded near $90 a barrel Monday morning with the war with Iran keeping prices elevated, but President Trump said renewed US strikes on Iran were 'highly unlikely' and depended on Tehran signing an agreement. Economist Robin Brooks sees a lot of downside for oil, calling for $75 a barrel, which would remove the war risk premium.
Bitcoin fell to $73,500 on Monday, marking its lowest level since August as $1.12 billion in leveraged crypto positions were liquidated. The decline coincides with market volatility surrounding an independent probe into Nvidia CEO Jensen Huang and anticipation of US inflation data due Tuesday.
It fell to about $73,500, its lowest level since August, as over $1.1 billion in leveraged positions were liquidated and sell-side pressure spread from stock-market futures after Nvidia announced a probe into its CEO.
Economist Robin Brooks argues a decline in crude oil prices could lift Bitcoin, the S&P 500 and precious metals, since he expects Bitcoin to keep trading negatively correlated with oil.
Nvidia's board launched an independent investigation Sunday into reports that CEO Jensen Huang was targeted by a foreign intelligence effort, though it said it had no reason to believe US national security or company secrets were compromised.
South Korea's Vice Minister of Science and ICT said Monday that production and the delivery schedule for contracted Nvidia chip volumes are expected to proceed without disruption.
They fell early Monday, recovered and then turned lower again ahead of the US open, after the board announced an investigation into CEO Jensen Huang.
WTI traded near $90 a barrel Monday morning. Economist Robin Brooks sees substantial downside, arguing $75 a barrel is possible if the war risk premium shrinks.