Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down

BREAKING: $BTC slides toward $71,000, its lowest level since August 20, as tech stocks tumble following the resignation of Nvidia CEO Jensen Huang.

Bitcoin is trading near 71,000 dollars, its lowest level since August 20.

The trigger came from the stock market. Jensen Huang's abrupt exit from Nvidia sent the shares down nearly 13 percent at the Wall Street open, and crypto got pulled down with it. Bitcoin dropped below 72,000 for the first time in almost three months, and month-to-date losses now stand at 7.4 percent. Around 730 million dollars in crypto positions were liquidated in twenty four hours.

The broader picture is not helping. Tuesday's inflation print came in hot, markets are pricing in more Fed rate hikes, and Bitcoin has now fallen back below its 21 week moving average. Traders are watching Friday's Producer Price Index, a cool number could ease the pressure, a hot one adds to it.

For now, a chip company's boardroom crisis has knocked seven percent off Bitcoin in a month. That is how tightly these markets are wired together.

This is Sara White, reporting for HIT.