Bitcoin Dips Below $72K as Nvidia CEO Jensen Huang Resigns (12 Nov)
- Nvidia CEO Jensen Huang resigned effective immediately following reports of extramarital affairs.
- Nvidia shares experienced a significant decline, wiping out $2 trillion in market value.
- MicroStrategy shares fell 7% after MSCI confirmed its removal from major indexes.
- Spot Bitcoin ETFs recorded $299.8 million in net outflows on Wednesday.
Jensen Huang, the president, chief executive, and board member of Nvidia, resigned from his positions effective Thursday, November 12, 2026, after 33 years with the company.
Nvidia’s board stated there is no reason to believe company secrets or national security were compromised, and an independent investigation remains underway.
Venice AI founder Erik Voorhees stated there is "absolutely zero" evidence she is a Chinese spy.
Nvidia appointed longtime finance chief Colette Kress as interim CEO while the company searches for a permanent successor. The company also named Harvey C. Jones as its first board chair.
Bitcoin price drops below $72,000
The cryptocurrency traded as low as approximately $71,670 around 9:29 a.m. on Thursday and was near $71,800 at the time of writing.
Price losses reached 3.5% on Thursday, with month-to-date losses totaling 7.4%. Bitcoin also fell below its 21-week simple moving average, which was $73,078 on Wednesday.
Nvidia stock and market impact
Nvidia stock experienced a $2 trillion wipeout following the resignation. Shares fell 13% at the Thursday open. Decrypt reported that shares dropped 14% at the opening bell, with $500 billion in value wiped from U.S. stocks in one minute.
Cointelegraph reported that Nvidia stock fell nearly 13% at the Wall Street open, hitting a low of $148.80 before rebounding to $160, representing a 7.2% decline for the day. Nvidia has fallen to the third most valuable company in the world following the market reaction.
Shares of Intel, Marvell Technology, and Micron fell between 5% and 7.5%, while CoreWeave shares dropped 16%.
MicroStrategy shares slide following MSCI index removal
MicroStrategy stock experienced a slide.
Japan’s Metaplanet is also scheduled for removal from MSCI indexes. TradingNEWS reported Ethereum is priced at $2,024 with an upside target of $2,457.
Broader market and ETF outflows
BlackRock’s IBIT recorded $2 billion in outflows over nine consecutive days. Spot bitcoin ETFs saw $299.8 million in net outflows on Wednesday, representing the fifth consecutive day of losses totaling about $1.44 billion.
BlackRock’s IBIT ETF recorded $269.7 million in redemptions on Wednesday, marking its ninth straight session of outflows. Nasdaq 100 futures fell 1.4%, S&P 500 futures dropped 0.7%, and Dow futures were nearly flat on Thursday.
The Nasdaq Composite Index was trading 0.6% lower. CoinGlass data showed that 24-hour crypto liquidations reached $730 million. The bitcoin price is trading $31,200 lower than its value one year ago.
Industry figures react to Huang's departure
Republican Senator Kevin Cramer of North Dakota said Jensen Huang should step down because he was "so vulnerable to extortion, blackmail". Senator Cramer had previously advocated for this removal, citing concerns regarding internal investigations.
Binance co-founder Changpeng Zhao said it was a mistake for Nvidia to allow this resignation.
Epic Games founder Tim Sweeney described the departure as "A sad day for NVIDIA, developers, America, and all humanity". Perplexity AI CEO Aravind Srinivas thanked Huang for his 33 years of leadership and his support for other founders.
Ousting Jensen feels rushed and not right". The financial commentator The Kobeissi Letter labeled the resignation "the most costly mistake of the AI Revolution" and criticized the board for not consulting shareholders.
Desiree Fixler, a former DWS executive, argued the board should focus on their fiduciary duty to protect shareholders rather than reacting to media pressure. Bitcoin advocate Neil Woodfine said Huang built Nvidia to its peak and supported local, free AI before being replaced by a managerial group.
AI advocate Jun Song alleged that OpenAI and Anthropic lobbied the U.S. Congress to restrict open-weight models. Anthropic CEO Dario Amodei has explicitly denied that his company advocated for such a ban.
Elon Musk indicated he would be interested in hiring Jensen Huang, replying "That would be an honor" to a user on X who suggested the move.
Economic indicators and future outlook
The October Consumer Price Index released on Tuesday came in above expectations, leading markets to price in additional interest-rate hikes.
Economist Mohamed El-Erian characterized the resignation as a "significant development" with implications beyond Nvidia. He noted the company must navigate the loss of a "highly-influential founder" alongside ongoing political investigations.
Friday’s Producer Price Index release is the next key volatility event for the market. Keith Alan of Material Indicators suggested that a cool report could reduce the likelihood of aggressive interest-rate hikes by the Federal Reserve in December or January.
Nvidia is scheduled to report its fiscal third-quarter results on November 17.
Frequently Asked Questions
- Bitcoin Price Falls Below $72,000 As Nvidia CEO Jensen Huang Steps Down And Strategy (MSTR) Slides (bitcoinmagazine.com)
- Bitcoin slides toward $71K as Nvidia stock tumbles after Huang steps down (cointelegraph.com)
- 'A Massive Mistake': Tech, AI and Crypto Founders React to Jensen Huang’s Nvidia Exit (decrypt.co)
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