Bitcoin slides to a 12-week low near $71,200 as Nvidia's Jensen Huang resigns as CEO, with the filing giving no reason

Bitcoin fell to about $71,200 on Thursday, its lowest in nearly 12 weeks, as Nvidia announced that its founder had stepped down. The Block put bitcoin down about 3.4% near $71,600 at the time of writing, with ether, Solana and XRP each off more than 3.5% over 24 hours.

In a Form 8-K dated November 11, Nvidia said Jen-Hsun "Jensen" Huang resigned as president, chief executive and a member of the board, effective immediately. Chief financial officer Colette Kress, 59, is interim CEO while keeping her finance role, and director Harvey C. Jones, 73, is the board's new chair. The filing gives no reason, and the board is searching for a permanent CEO. Nvidia reports quarterly results on November 17, according to 24/7 Wall St.

Bitcoin was already down about 14% over 30 days before the news, and 24/7 Wall St said the exit pushed a weakened market through support rather than starting the slide. CoinGlass data cited by The Block showed more than $750 million of positions liquidated in 24 hours, over $634 million of them longs. Spot bitcoin ETFs saw net outflows of $299.8 million on Wednesday, 24/7 Wall St reported, the fifth straight day of withdrawals. Wintermute's Jasper De Maere said the firm is cautious as bitcoin tests $73,000.