The cryptocurrency market experienced sharp declines as several leading digital assets, including Bitcoin (BTC), Ethereum (ETH), XRP, and Shiba Inu (SHIB), faced intense selling pressure. This comes in the wake of Nvidia CEO Jensen Huang’s unexpected resignation, which unsettled both the stock and crypto markets.
Nvidia leadership shakeup sends shockwaves through markets
Jensen Huang, who co-founded Nvidia over thirty years ago and has served as its chief executive officer, stepped down on November 12. The company’s chief financial officer, Colette Kress, has assumed the position of interim CEO. Nvidia is known globally as a major designer of graphics processing units (GPUs) and a key player in the artificial intelligence (AI) technology sector.
Reuters reported that Nvidia shares fell more than 12% during early trading following Huang’s resignation. The sell-off eliminated approximately $500 billion from the company’s market value, intensifying concerns already present in the financial markets.
Speculation about Huang’s personal life and professional future contributed to increased uncertainty, fueling the rapid drop in Nvidia’s share price and exacerbating broader market volatility.
Nvidia shares dropped over 12% at the opening bell, causing an estimated $500 billion loss in market capitalization after Jensen Huang’s resignation. Concerns about leadership and market confidence intensified the situation.
Crypto traders face cascading liquidations
The sharp downturn in Nvidia shares also echoed in crypto-adjacent markets. According to data shared by blockchain analytics platform Lookonchain, a crypto trader identified by the address 0x7368 saw their entire leveraged long position in Nvidia stock forcibly closed.
Lookonchain reported that this trader, who held 9,959 shares of Nvidia—valued at approximately $1.54 million—was liquidated shortly after the news of Huang’s departure surfaced. Such forced sales reflect the interconnectedness of traditional equities and digital asset markets, particularly for participants employing leveraged strategies.
Mini dictionary: Lookonchain is a blockchain data analytics platform that monitors on-chain transactions and investment behavior of crypto traders, helping to provide transparency and insights into market activity.
Top digital currencies post broad declines
As the turmoil unfolded, the broader crypto market continued to lose ground. Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently trading near $71,323, reflecting a 3% decrease in the past 24 hours. Over the last week, Bitcoin’s value has dropped about 10.2%.
XRP, associated with the Ripple network, recorded a slight decline as well, trading near $1.02 after losing 3.3% within the same timeframe. Other major digital assets have also experienced similar pullbacks, with some altcoins underperforming Bitcoin throughout the recent volatility.
| Asset | Current Price | 24h Change | 7-day Change |
|---|---|---|---|
| Bitcoin (BTC) | $71,323 | -3% | -10.2% |
| XRP | $1.02 | -3.3% | N/A |
The knock-on effect from Nvidia’s stock slump contributed to further losses in major cryptocurrencies, with Bitcoin and XRP both declining more than 3% in the last 24 hours.
