Bitcoin swung sharply late on Sunday, November 8, as two headlines landed on a thin weekend market. According to CoinDesk, the price dropped to about $73,761, its lowest level since August, before rebounding above $75,000. At the time of writing the bounce had stalled.
The first catalyst was Nvidia. CoinDesk reported that the company’s board opened an independent investigation after reports that CEO Jensen Huang had a relationship with a woman named Alice Huang, whom U.S. intelligence agencies reportedly believe was passing information to Beijing. Huang acknowledged the affair in a message to employees and apologized. Nvidia said it had no reason to believe national security or company secrets were compromised, and outside independent counsel is overseeing the review. Tokenized Nvidia stock NVDAX fell 3.55% to $180.42 over 24 hours, while the underlying shares closed Friday at $186.64.
The second was geopolitics. Secretary of State Marco Rubio said talks with Iran had stalled and called Iranian demands outrageous. CoinDesk noted that since the Iran war began in March, bitcoin has more often than not fallen during oil rallies.
Ether briefly dropped below $2,100 before recovering to roughly $2,144. The Nasdaq fell nearly 5% last week, extending a four-week losing streak. CoinDesk said the durability of the rebound depends largely on how traditional markets react to the Nvidia news and the Iran tensions when trading resumes on Monday.
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