Nvidia's CEO scandal sparked a tech-led market selloff, driving crypto liquidations to $1.1 billion and pushing Ether below its 200-day moving average.
Nvidia is down more than 4% in pre-market trading after CEO Jensen Huang admitted to an affair with a suspected Chinese spy and the company opened an investigation. As the largest stock by market value and an AI bellwether, the leadership scandal and uncertainty weigh directly on the shares in the days ahead.
Ether fell 5.9% to $2,100 and closed below its 200-day moving average for the first time since Aug. 18, a technical breakdown. Open interest fell 6.7%, showing capital leaving, funding flipped negative (shorts pay longs), and it accounted for about $501 million of liquidations - mostly longs.
Bitcoin trades at $74,397.27 after a 2.2% drop, hovering just above its 200-day average in a risk-off tone driven by the Nvidia scandal. One-week implied volatility jumped to about 43% from 33% and put skew rose to 13%, with the most active puts at $70,000-$72,000 strikes signaling demand for downside protection.
XRP lost 7.3% and was among the worst performers among top altcoins, with futures open interest down 9.2% against the price drop, implying capital outflows. It sits in the payments-focused category seeing the brunt of the drawdown, losing more than 5% as a sector.
Solana is named among the market leaders in the red alongside bitcoin, ether and XRP amid the broad risk-off tone. The article also notes a $270 million Drift hack whose transaction feature Solana is moving to scrap, adding to overhang.
Arbitrum trades at $0.1776 and is bucking the selloff, rising more than 5% in the last 24 hours as onchain activity surrounding real world assets keeps growing - a rare outperformer when only five of the top 100 coins are up 1% or more.
Nvidia shares fell over 4% in pre-market trading following CEO Jensen Huang's admission of an affair with a suspected Chinese spy. The resulting risk-off sentiment triggered a broad cryptocurrency selloff, with $1.1 billion in liquidations and Bitcoin falling 2.2% to $74,397.27.
Because CEO Jensen Huang admitted on Sunday to an affair with a suspected Chinese spy and the company has opened an investigation, sending the stock down more than 4% in pre-market trading.
Trading volume in Binance-listed NVDA perpetuals surged over 200% to over $500 million as traders positioned around the scandal.
Ether dropped 5.9% to $2,100, closing Sunday below its 200-day moving average for the first time since Aug. 18.
Shorts now pay longs, a sign that bearish positioning has taken over after the price drop.
A tech selloff triggered by Nvidia's CEO scandal created a risk-off tone; bitcoin fell 2.2% and hovers just above its 200-day average.
Yes. Bitcoin's one-week implied volatility rose to about 43% from about 33%, and four of its six most active options contracts are puts at $70,000 to $72,000 strikes.
Payments-focused cryptocurrencies are seeing the brunt of the drawdown, losing more than 5% as a category, and XRP lost 7.3% with futures open interest down 9.2%, indicating capital outflows.
Yes, solana is listed among the market leaders, alongside bitcoin, ether and XRP, that are in the red during the risk-off move.
ARB rose more than 5% to $0.1776 as onchain activity surrounding real world assets keeps growing, bucking the market-wide selloff.