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Nvidia shares dropped over 12% in early trading on Nov. 12, wiping out an estimated $500 billion in market value following the resignation of Chief Executive Officer Jensen Huang. The sudden departure of the co-founder triggered a sharp sell-off in the artificial intelligence company’s stock, which in turn intensified selling pressure across major digital assets including Bitcoin, XRP, Ethereum, and Shiba Inu, according to U.Today.
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As of 08:18 UTC, Bitcoin traded at $68,640, -6.6% over 24 hours, with $43.1 billion in 24-hour volume.
Leadership Transition at Nvidia
Reuters reported that Huang, who co-founded Nvidia over three decades ago, resigned on Nov. 12. Colette Kress, the company’s Chief Financial Officer, has assumed the role of interim chief executive. The source notes that controversies surrounding Huang’s personal life and doubts regarding his future at the company preceded the announcement. The immediate market reaction was severe, with the stock decline erasing half a trillion dollars in value within hours of the news breaking.
Impact on Crypto Markets
The sell-off in Nvidia stock extended into crypto-related trading venues. Blockchain analytics platform Lookonchain identified a trader known as 0x7368 who held a leveraged long position in Nvidia stock. That position was fully liquidated after the resignation news hit the market. The trader had 9,959 units of Nvidia (NVDA) liquidated, a position worth approximately $1.54 million. The broader crypto market showed signs of strain, with top altcoins experiencing losses that outpaced Bitcoin in some cases.
Bitcoin (BTC) traded around $71,323 during the period, shedding about 3% in the last 24 hours. Over the preceding seven days, the largest cryptocurrency by market capitalization lost approximately 10.2%. XRP displayed a more pronounced decline, trading at about $1.02 after falling 3.3% in the last 24 hours. Ethereum and Shiba Inu were also cited as facing heavy selling pressure during this period of market volatility.
Source: U.Today
