The resignation of Nvidia (NVDA.US) CEO sparks a ripple effect, and the crypto market liquidates nearly $700 million in a single day

According to Woofun AI, the New York stock market showed a volatile trend due to the resignation of Nvidia's CEO, while the price of Bitcoin fell near the $71,000 mark due to the spread of risk aversion. Although the popularity of investment in the artificial intelligence industry has not abated, risk aversion has increased significantly in the digital asset market due to the combination of the withdrawal of institutional funds and large-scale liquidation.

On the 12th (local time), the performance of the three major US stock indexes was divided: the Dow Jones Industrial Average rose 208.73 points to 52695.2 points, the S&P 500 index rose 15.36 points to 7634.74 points, and the Nasdaq Composite Index rose 20.51 points to 25486.7 points;

However, the ETF tracking the Russell 2000 index fell 2.23 points to 280.86 points. The core variable of market fluctuations stemmed from the resignation of NVDA.US (NVDA.US) CEO Hwang In-hoon, whose stock price rebounded after a double-digit intraday decline. In contrast, the stock prices of rivals AMD (AMD.US) and Broadcom (AVGO.US) rose 4% and 5%, respectively, while Microsoft (MSFT.US) and Alphabet (GOOGL.US) also welcomed an influx of buying orders. Agent Capital Management fund manager Jed Ellerbrook pointed out that Nvidia's crisis may create opportunities for competitors, and demand for AI chips itself has not decreased; Tom Lee, head of Fundstrat Research, maintains the view that technology stocks have bottomed out.

According to data compiled by Woofun AI, the overall digital asset market value at the same time was 2.38 trillion US dollars, down 3.64% from the previous day. Major coin prices generally declined: BTC fell to $71782.90 (down 3.24%), ETH to $2005.42 (down 3.28%), BNB to $652.96 (down 4.48%), XRP to $1.02 (down 4.34%), and SOL to $81.55 (down 3.73%). DOGE fell 5.12% to $0.06543, Monero fell 5.38%, and HyperLiquid fell 2.88%; TRX alone fell slightly by 0.33% to $0.3153. The derivatives market is under simultaneous pressure. The liquidation amount in the last 24 hours reached US$683.21 million, of which long position liquidations accounted for US$598.39 million. The value of open positions fell to $341.44 billion (down 1.37%), while trading volume rose to $826.05 billion (up 11.82%).

Since September 22, the market capitalization of the digital asset market has decreased by approximately $560 billion. The US Bitcoin Spot ETF had a net capital outflow of about $2.4 billion between October and early November, and the selling pressure continued to increase. Digital asset analyst CryptoReview pointed out on the X platform that BlackRock Bitcoin ETF (IBIT.US) has had outflows of funds for 9 consecutive trading days, and long-term wallet holders are transferring assets to other exchanges, believing that the current weak market is different from the past. The 'Fear and Greed Index', which reflects investor sentiment, recorded 22, which is at the level of “extreme fear”.

Although AI optimism continues to support US stocks, the crypto market has yet to show signs of a buying-based recovery, and future trends are critically dependent on institutional capital flows and the stability of technology stocks.