Bitcoin fell to about $73,761 late Sunday, its lowest price since August, before clawing its way back above $75,000. The drop came as crypto traders digested two pieces of bad news at once: an investigation into Nvidia chief executive Jensen Huang, and stalled talks between the United States and Iran. More than $1 billion in leveraged crypto positions were wiped out in 24 hours, and almost all of it belonged to traders who had bet prices would go up. It was the kind of weekend that reminds everyone crypto never sleeps, and neither does bad news.

A scandal at the top of the AI trade

Nvidia's board said on Sunday it had opened an independent investigation after reports that Huang had a relationship with Alice Huang, a business executive whom US intelligence agencies believe was passing information to Beijing. Huang admitted in a message to employees that he had been unfaithful to his wife and apologized for the harm it caused. Nvidia said it has no reason to believe national security or company secrets were compromised, and said the inquiry would look at all available information, with outside independent counsel advising the board. The company also faces questions about Megaspeed, the Singapore-based firm linked to Alice Huang, which has been accused of helping restricted Chinese firms get hold of Nvidia chips in violation of export rules.

The market did not wait for answers. Tokenized Nvidia shares traded on crypto platforms fell about 3.8 percent to around $180, and Nvidia itself was down more than 4 percent in pre-market trading on Monday. That matters for crypto because Nvidia sits at the center of the AI trade that has driven risk appetite across every market in recent years, crypto included. The Nasdaq fell nearly 5 percent last week, its fourth straight weekly loss, and the AI trade that lifted everything in its path is now the thing dragging it down. When the biggest stock in the world wobbles, Bitcoin feels it within hours.

Longs took the worst of it

Of the $1 billion-plus liquidated, about $913 million belonged to longs, according to CoinGlass data. Ether traders got hit even harder than Bitcoin holders in relative terms, with $448 million in ETH positions liquidated against $272 million in Bitcoin. The largest single liquidation was a $48 million ETH long on Binance. Ether had already been on shaky ground after closing Sunday below its 200-day moving average for the first time since August 18, and the flush pushed it under $2,100 before it bounced back toward $2,140. Solana slipped below $90 and traded near $87.60, marking its fifth straight weekly fall.

The selling did not come out of nowhere. US spot Bitcoin ETFs recorded about $1.28 billion in net outflows in the week ended November 6, the worst week since June, and that flipped 2026 flows negative for the year, according to The Block. Bitcoin has now closed five straight weeks lower, and the Fear and Greed Index sits at 29, squarely in fear territory. Traders are also watching Tuesday's US inflation report, which lands at 8:30 a.m. Eastern, and Nvidia's own earnings on November 17. There is no shortage of reasons to stay nervous this week.

What comes next

The bounce back above $75,000 is a relief, but it has already started to stall, and Bitcoin is now stuck between support near its 200-day average around $73,150 and resistance at the 100-day average near $77,430. The real test comes when US markets open on Monday and traders get their first chance to price the Nvidia news in the stock market itself. Three House Republican committee chairs have also asked Huang to attend a briefing on November 18, the day after Nvidia reports earnings, so this story is not going away this week. Stalled talks with Iran add another layer of worry, since rising tensions in the Middle East tend to push oil prices up and risk appetite down.

None of this changes what Bitcoin is, but it is a useful reminder of what moves it right now. Crypto trades around the clock, so it takes the first hit whenever a big weekend story breaks, and leverage turns a bad day into a wipeout. The Nvidia investigation may turn out to be a passing storm or the start of something bigger, and nobody knows which yet. Until the stock market weighs in and the inflation numbers land, traders would be wise to treat the bounce with the same caution they should have shown the longs.

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Author: Cedric Holloway
New York Newsroom
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