Bitcoin dropped more than 1.5% to around $114,900 as pre-market weakness in Nvidia (NVDA) weighed on sentiment. NVDA shares fell nearly 3% after China’s market regulator claimed the company violated anti-monopoly rules during its 2020 acquisition of Israeli networking firm Mellanox Technologies, though specifics were not disclosed.
The pullback in Nvidia coincided with declines in AI-linked crypto tokens, including ICP, RENDER, FET, and GRT, all down over 4.5% in 24 hours.
As the world’s largest publicly traded chip-maker, Nvidia often serves as a barometer for market risk appetite. Bitcoin has historically moved in tandem with NVDA, showing a three-month rolling correlation of 0.76 with BlackRock’s spot bitcoin ETF, according to Macroaxis.
About The Author
More Stories
Bitcoin slips below $70,000 as crypto selloff intensifies ahead of the U.S. equity open.
Bitcoin rebounds above $71,000 as tech stock selloff eases.
Bhutan shifts bitcoin to trading firms and exchanges as BTC slides toward $70,000.